15 U.S.C. § 657n | Immediate Disaster Assistance program

(a)

Program required

The Administrator shall carry out a program, to be known as the Immediate Disaster Assistance program, under which the Administration participates on a deferred (guaranteed) basis in 85 percent of the balance of the financing outstanding at the time of disbursement of the loan if such balance is less than or equal to $25,000 for businesses affected by a disaster.

(b)

Eligibility requirement

section 636 of this titleTo receive a loan guaranteed under subsection (a), the applicant shall also apply for, and meet basic eligibility standards for, a loan under subsection (b) or (c) of .

(c)

Use of proceeds

section 636 of this titleA person who receives a loan under subsection (b) or (c) of shall use the proceeds of that loan to repay all loans guaranteed under subsection (a), if any, before using the proceeds for any other purpose.

(d)

Loan terms

(1)

No prepayment penalty

There shall be no prepayment penalty on a loan guaranteed under subsection (a).

(2)

Repayment

section 636 of this title 1

1 So in original. Probably should be “subsection (a)”.

A person who receives a loan guaranteed under subsection (a) and who is disapproved for a loan under subsection (b) or (c) of , as the case may be, shall repay the loan guaranteed under subsection (a) not later than the date established by the Administrator, which may not be earlier than 10 years after the date on which the loan guaranteed under subsection  is disbursed.

(e)

Approval or disapproval

The Administrator shall ensure that each applicant for a loan under the program receives a decision approving or disapproving of the application within 36 hours after the Administration receives the application.

Pub. L. 85–536, § 2[42]Pub. L. 110–234, title XII, § 12084May 22, 2008122 Stat. 1420 Pub. L. 110–246, § 4(a)June 18, 2008122 Stat. 1664(, as added , , , and , title XII, § 12084, , , 2182.)

Editorial Notes

Codification

Pub. L. 110–234 Pub. L. 110–246 Pub. L. 110–234 section 4(a) of Pub. L. 110–246 and enacted identical sections. was repealed by .

Statutory Notes and Related Subsidiaries

Effective Date

Pub. L. 110–234 Pub. L. 110–246May 22, 2008Pub. L. 110–234 section 4 of Pub. L. 110–246 section 8701 of Title 7Enactment of this section and repeal of by effective , the date of enactment of , see , set out as a note under , Agriculture.