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15 U.S.C. § 9005 — Transferred

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 9005 — Transferred

### Statutory Notes #### Codification Section, Pub. L. 116–136, div. A, title I, § 1106, Mar. 27, 2020, 134 Stat. 297; Pub. L. 116–142, § 3(b), June 5, 2020, 134 Stat. 641, which related to loan forgiveness, was renumbered as section 7A of Pub. L. 85–536 by Pub. L. 116–260, div. N, title III, § 304(b)(1)(A), Dec. 27, 2020, 134 Stat. 1993, and transferred to [section 636m of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636m&num=0&edition=prelim).

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Source location: Title 15, Chapter 116, § 9005; chapter-116-coronavirus-economic-stabilization-cares-act.md

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 636m — Loan forgiveness

**(a) Definitions** In this section— (1) the term “covered loan” means a loan guaranteed under [section 636(a)(36) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636/a/36&num=0&edition=prelim); (2) the term “covered mortgage obligation” means any indebtedness or debt instrument incurred in the ordinary course of business that— (A) is a liability of the borrower; (B) is a mortgage on real or personal property; and (C) was incurred before February 15, 2020; (3) the term “covered operations expenditure” means a payment for any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses; (4) the term “covered period” means the period— (A) beginning on the date of the origination of a covered loan; and (B) ending on a date selected by the eligible recipient of the covered loan that occurs during the period— (i) beginning on the date that is 8 weeks after such date of origination; and (ii) ending on the date that is 24 weeks after such date of origination; (5) the term “covered property damage cost” means a cost related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation; (6) the term “covered rent obligation” means rent obligated under a leasing agreement in force before February 15, 2020; (7) the term “covered supplier cost” means an expenditure made by an entity to a supplier of goods for the supply of goods that— (A) are essential to the operations of the entity at the tim

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 636 — Additional powers

**(a) Loans to small business concerns; allowable purposes; qualified business; restrictions and limitations** The Administration is empowered to the extent and in such amounts as provided in advance in appropriation Acts to make loans for plant acquisition, construction, conversion, or expansion, including the acquisition of land, material, supplies, equipment, and working capital, and to make loans to any qualified small business concern, including those owned by qualified Indian tribes, for purposes of this chapter. Such financings may be made either directly or in cooperation with banks or other financial institutions through agreements to participate on an immediate or deferred (guaranteed) basis. These powers shall be subject, however, to the following restrictions, limitations, and provisions: (1) **In general.—** (A) *Credit elsewhere.—* (i) *In general.—* — The Administrator has the authority to direct, and conduct oversight for, the methods by which lenders determine whether a borrower is able to obtain credit elsewhere. No financial assistance shall be extended pursuant to this subsection if the applicant can obtain credit elsewhere. No immediate participation may be purchased unless it is shown that a deferred participation is not available; and no direct financing may be made unless it is shown that a participation is not available. (ii) *Liquidity.—* — On and after October 1, 2015, the Administrator may not guarantee a loan under this subsection if the lender determines that the borrower is unable to obtain credit elsewhere solely because the liquidity of the lender depends upon the guaranteed portion of the loan being sold on the secondary market. (B) *Background checks.—* — Prior to the approval of any loan made pursuant to this subsecti

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 9008 — United States Treasury program management authority

**(a) Definitions** In this section— (1) the terms “appropriate Federal banking agency” and “insured depository institution” have the meanings given those terms in [section 1813 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim); (2) the term “insured credit union” has the meaning given the term in [section 1752 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752&num=0&edition=prelim); and (3) the term “Secretary” means the Secretary of the Treasury. **(b) Authority to include additional financial institutions** The Department of the Treasury, in consultation with the Administrator, and the Chairman of the Farm Credit Administration shall establish criteria for insured depository institutions, insured credit unions, institutions of the Farm Credit System chartered under the Farm Credit Act of 1971 ([12 U.S.C. 2001](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2001&num=0&edition=prelim) et seq.), and other lenders that do not already participate in lending under programs of the Administration, to participate in the paycheck protection program to provide loans under this section until the date on which the national emergency declared by the President under the National Emergencies Act ([50 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section1601&num=0&edition=prelim) et seq.) with respect to the Coronavirus Disease 2019 (COVID–19) expires. **(c) Safety and soundness** An insured depository institution, insured credit union, institution of the Farm Credit System chartered under the Farm Credit Act of 1971 ([12 U.S.C. 2001](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-secti

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 9005 — Transferred

Page 2479 TITLE 15—COMMERCE AND TRADE § 9006 1 See References in Text note below. (iii) the number of unique covered small business concerns that were served by the Administration and resource partners; and (iv) other relevant outcome performance data with respect to covered small busi- ness concerns, including the number of employees affected, the effect on sales, the disruptions of supply chains, and the ef- forts made by the Administration and re- source partners to mitigate these effects; and (B) with respect to the grant program under subsection (c)— (i) the efforts of the Administrator and the association or associations to develop and evolve an online resource for small business concerns; and (ii) the efforts of the Administrator and the association or associations to develop a training program for resource partner counselors, including the number of coun- selors trained. (Pub. L. 116–136, div. A, title I, § 1103, Mar. 27, 2020, 134 Stat. 294; Pub. L. 116–260, div. N, title III, § 346(a), Dec. 27, 2020, 134 Stat. 2051.) Editorial Notes AMENDMENTS 2020—Subsec. (b)(3)(A). Pub. L. 116–260 designated ex- isting provisions as cl. (i), inserted heading, and added cl. (ii). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2020 AMENDMENT Pub. L. 116–260, div. N, title III, § 346(b), Dec. 27, 2020, 134 Stat. 2052, provided that: ‘‘The amendments made by subsection (a) [amending this section] shall be effec- tive as if included in the CARES Act (Public Law 116–136; 134 Stat. 281).’’ § 9003. State Trade Expansion Program (a) In general Notwithstanding paragraph (3)(C)(iii) of sec- tion 649(l) of this title, for grants under the State Trade Expansion Program under such sec- tion 649(l) of this title using amounts made available for fi

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