In this chapter, the following definitions shall apply:
(1)
Appropriate committees of Congress
The term “appropriate committees of Congress” means—
(A)
the Committee on Small Business and Entrepreneurship, the Committee on Agriculture, Nutrition, and Forestry, the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and
(B)
the Committee on Small Business, the Committee on Agriculture, the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives.
12 U.S.C. 1751 includes the National Credit Union Administration Board in the case of any credit union the deposits of which are insured in accordance with the Federal Credit Union Act [ et seq.].
(3)
Enrolled loan
The term “enrolled loan” means a loan made by a financial institution lender that is enrolled by a participating State in an approved State capital access program in accordance with this chapter.
(4)
Federal contribution
section 5702 of this titleThe term “Federal contribution” means the portion of the contribution made by a participating State to, or for the account of, an approved State program that is made with Federal funds allocated to the State by the Secretary under .
(5)
Financial institution
section 4702 of this titleThe term “financial institution” means any insured depository institution, insured credit union, or community development financial institution, as those terms are each defined in .
(6)
Participating State
section 5703 of this titleThe term “participating State” means any State that has been approved for participation in the Program under .
(7)
Program
The term “Program” means the State Small Business Credit Initiative established under this chapter.
(8)
Qualifying loan or swap funding facility
The term “qualifying loan or swap funding facility” means a contractual arrangement between a participating State and a private financial entity under which—
(A)
the participating State delivers funds to the entity as collateral;
(B)
the entity provides funding from the arrangement back to the participating State; and
(C)
the full amount of resulting funding from the arrangement, less any fees and other costs of the arrangement, is contributed to, or for the account of, an approved State program.
(9)
Reserve fund
The term “reserve fund” means a fund, established by a participating State, dedicated to a particular financial institution lender, for the purposes of—
(A)
depositing all required premium charges paid by the financial institution lender and by each borrower receiving a loan under an approved State program from that financial institution lender;
(B)
depositing contributions made by the participating State, including State contributions made with Federal contributions; and
(C)
covering losses on enrolled loans by disbursing accumulated funds.
(10)
State
The term “State” means—
(A)
a State of the United States;
(B)
the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of Northern Mariana Islands, Guam, American Samoa, and the United States Virgin Islands;
(C)
when designated by a State of the United States, a political subdivision of that State that the Secretary determines has the capacity to participate in the Program;
includes, collateral support programs, loan participation programs, State-run venture capital fund programs, and credit guarantee programs.
(13)
State program
The term “State program” means a State capital access program or a State other credit support program.
(14)
Secretary
The term “Secretary” means the Secretary of the Treasury.
(15)
Business enterprise owned and controlled by socially and economically disadvantaged individuals
The term “business enterprise owned and controlled by socially and economically disadvantaged individuals” means a business that—
(A)
if privately owned, 51 percent is owned by one or more socially and economically disadvantaged individuals;
(B)
if publicly owned, 51 percent of the stock is owned by one or more socially and economically disadvantaged individuals; and
(C)
in the case of a mutual institution, a majority of the Board of Directors, account holders, and the community which the institution services is predominantly comprised of socially and economically disadvantaged individuals.
(16)
Community development financial institution
section 4702 of this titleThe term “community development financial institution” has the meaning given that term under .
(17)
Minority depository institution
The term “minority depository institution” has the meaning given that term under section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
(18)
Socially and economically disadvantaged individual
section 637 of title 15The term “socially and economically disadvantaged individual” means an individual who is a socially disadvantaged individual or an economically disadvantaged individual, as such terms are defined, respectively, under and the regulations thereunder.
(19)
Tribal government
section 5131 of title 25The term “Tribal government” means the recognized governing body of any Indian or Alaska Native tribe, band, nation, pueblo, village, community, component band, or component reservation, individually identified (including parenthetically) in the list published most recently as of , pursuant to .
act June 26, 1934, ch. 75048 Stat. 1216section 1751 of this titleThe Federal Credit Union Act, referred to in par. (2)(B), is , , which is classified principally to chapter 14 (§ 1751 et seq.) of this title. For complete classification of this Act to the Code, see and Tables.
“The amendments made by this section [amending this section and sections 5702 to 5706, 5708, and 5710 of this title and enacting provisions set out as a note below] shall apply with respect to funds appropriated under this section and funds appropriated on and after the date of enactment of this section [].”
In addition to amounts otherwise available, there is hereby appropriated to the Secretary of the Treasury for fiscal year 2021, out of any money in the Treasury not otherwise appropriated, $10,000,000,000, to remain available until expended, to provide support to small businesses responding to and recovering from the economic effects of the COVID–19 pandemic, ensure business enterprises owned and controlled by socially and economically disadvantaged individuals have access to credit and investments, provide technical assistance to help small businesses applying for various support programs, and to pay reasonable costs of administering such Initiative.
“(B)
Rescission .—
With respect to amounts appropriated under subparagraph (A)—
“(i)
the Secretary of the Treasury shall complete all disbursements and remaining obligations before ; and
“(ii)
any amounts that remain unexpended (whether obligated or unobligated) on , shall be rescinded and deposited into the general fund of the Treasury.”