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12 U.S.C. § 5709 — Regulations

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

12 U.S.C. § 5709 — Regulations

The Secretary, in consultation with the Administrator of the Small Business Administration, shall issue such regulations and other guidance as the Secretary determines necessary or appropriate to implement this chapter including to define terms, to establish compliance and reporting requirements, and such other terms and conditions necessary to carry out the purposes of this chapter.

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Source location: Title 12, Chapter 54, § 5709; chapter-054-state-small-business-credit-initiative.md

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

12 U.S.C. § 5706 — Reports

**(a) Quarterly use-of-funds report** (1) **In general** — Not later than 30 days after the beginning of each calendar quarter, beginning after the first full calendar quarter to occur after the date the Secretary approves a State for participation, the participating State shall submit to the Secretary a report on the use of Federal funding by the participating State during the previous calendar quarter. (2) **Report contents** — Each report under this subsection shall— (A) indicate the total amount of Federal funding used by the participating State; and (B) include a certification by the participating State that— (i) the information provided in accordance with subparagraph (A) is accurate; (ii) funds continue to be available and legally committed to contributions by the State to, or for the account of, approved State programs, less any amount that has been contributed by the State to, or for the account of, approved State programs subsequent to the State being approved for participation in the Program; and (iii) the participating State is implementing its approved State program or programs in accordance with this chapter and regulations issued under [section 5709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5709&num=0&edition=prelim). **(b) Annual report** Not later than March 31 of each year, beginning March 31, 2022, each participating State shall submit to the Secretary an annual report that shall include the following information: (1) The number of borrowers that received new loans originated under the approved State program or programs after the State program was approved as eligible for Federal contributions. (2) The total amount of such new loans. (3) Breakdowns by industry type, loan size,

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

12 U.S.C. § 5709 — Regulations

Page 2022 TITLE 12—BANKS AND BANKING § 5709 (1) consult with the Administrator of the Small Business Administration and the appro- priate Federal banking agencies on the admin- istration of the Program; (2) establish minimum national standards for approved State programs; (3) provide technical assistance to States for starting State programs and generally dis- seminate best practices; (4) manage, administer, and perform nec- essary program integrity functions for the Program; and (5) ensure adequate oversight of the ap- proved State programs, including oversight of the cash flows, performance, and compliance of each approved State program. (b) Appropriations There is hereby appropriated to the Secretary, out of funds in the Treasury not otherwise ap- propriated, $1,500,000,000 to carry out the Pro- gram, including to pay reasonable costs of ad- ministering the Program. (c) Termination of Secretary’s Program adminis- tration functions The authorities and duties of the Secretary to implement and administer the Program shall terminate at the end of the 7-year period begin- ning on March 11, 2021. (d) Expedited contracting During the 1-year period beginning on March 11, 2021, the Secretary may enter into contracts without regard to any other provision of law re- garding public contracts, for purposes of car- rying out this chapter. (e) Technical assistance Of the amounts appropriated for fiscal year 2021 to carry out the Program, $500,000,000 may be used by the Secretary to— (1) provide funds to States to carry out a technical assistance plan under which a State will provide legal, accounting, and financial advisory services, either directly or con- tracted with legal, accounting, and financial advisory firms, with priority given to business en

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