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15 U.S.C. § 639b — Oversight

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

15 U.S.C. § 639b — Oversight

**(a) Compliance with oversight requirements** (1) **In general** — Except as provided in paragraph (2), on and after December 27, 2020, the Administrator shall comply with any data or information requests or inquiries made by the Comptroller General of the United States not later than 15 days (or such later date as the Comptroller General may specify) after receiving the request or inquiry. (2) **Exception** — If the Administrator is unable to comply with a request or inquiry described in paragraph (1) before the applicable date described in that paragraph, the Administrator shall, before such applicable date, submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a notification that includes a detailed justification for the inability of the Administrator to comply with the request or inquiry. **(b) Testimony** Not later than the date that is 120 days after December 27, 2020, and not less than twice each year thereafter until the date that is 2 years after December 27, 2020, the Administrator and the Secretary of the Treasury shall testify before the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives regarding implementation of this Act and the amendments made by this Act.

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Source location: Title 15, Chapter 14A, § 639b; chapter-14a-aid-to-small-business.md

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

15 U.S.C. § 9001 — Definitions

In this title— 11 See References in Text note below. (1) the terms “Administration” and “Administrator” mean the Small Business Administration and the Administrator thereof, respectively; and (2) the term “small business concern” has the meaning given the term in [section 632 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section632&num=0&edition=prelim).

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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. § 639b — Oversight

Page 971 TITLE 15—COMMERCE AND TRADE § 640 SEC. 6. The term ‘‘small business concern’’ as used in this order shall have the same meaning as in the Small Business Act. RICHARD NIXON. § 639a. Review of loan program; submission of es- timated needs for additional authorization It is the sense of the Congress that the regular business loan program of the Small Business Ad- ministration should be reviewed by the Congress at least once every two years. It is further the sense of the Congress that the Small Business Administration should submit its estimated needs for additional authorization for such pro- gram to the Congress at least one year in ad- vance of the date on which such authorization is to be provided, in order to assure an orderly and recurring review of such program and to avoid emergency appeals for additional authorization. Compliance by the Small Business Administra- tion with the foregoing policy will enable the Congress on and after July 25, 1962, to provide additional authorization for such program on a two-year basis. (Pub. L. 87–550, § 1(b), July 25, 1962, 76 Stat. 221.) Editorial Notes CODIFICATION Section was not enacted as part of the Small Busi- ness Act which comprises this chapter. § 639b. Oversight (a) Compliance with oversight requirements (1) In general Except as provided in paragraph (2), on and after December 27, 2020, the Administrator shall comply with any data or information re- quests or inquiries made by the Comptroller General of the United States not later than 15 days (or such later date as the Comptroller General may specify) after receiving the re- quest or inquiry. (2) Exception If the Administrator is unable to comply with a request or inquiry described in para- graph (1) before the applicable date d

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