No financial assistance shall be provided under this part unless the Secretary determines-
The Secretary shall make no loan or guarantee of a loan under section 2344(b)(1) of this title having a maturity in excess of 25 years or the useful life of the fixed assets (whichever period is shorter), including renewals and extensions; and shall make no loan or guarantee of a loan under section 2344(b)(2) of this title having a maturity in excess of 10 years, including extensions and renewals. Such limitations on maturities shall not, however, apply-
The following conditions apply with respect to any loan guaranteed under this part:
The Secretary shall maintain operating reserves with respect to anticipated claims under guarantees made under this part. Such reserves shall be considered to constitute obligations for purposes of sections 1108(c) and (d), 1501, and 1502(a) of title 31.
The Secretary may charge a fee to a lender which makes a loan guaranteed under this part in such amount as is necessary to cover the cost of administration of such guarantee.
19 U.S.C. § 2345
Termination of AssistanceFor termination of assistance under this part after June 30, 2022, see Termination Date note below.
EDITORIAL NOTES
REFERENCES IN TEXTThe Small Business Act, referred to in subsec. (d)(1), is Pub. L. 85-536, §2 (1 et seq.), July 18, 1958, 72 Stat. 384, which is classified generally to chapter 14A (§631 et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 631 of Title 15 and Tables.The Employee Retirement Income Security Act of 1974, referred to in subsec. (i)(5)(B), is Pub. L. 93-406, Sept. 2, 1974, 88 Stat. 829. Title I of the Act is classified generally to subchapter I (§1001 et seq.) of chapter 18 of Title 29, Labor. For complete classification of this Act to the Code, see Short Title note set out under section 1001 of Title 29 and Tables.
CODIFICATIONSection reflects the July 1, 2021, reversion to provisions in effect on Jan. 1, 2014. See Effective and Termination Dates note below.In subsec. (f), "sections 1108(c) and (d), 1501, and 1502(a) of title 31" substituted for "section 1311 of the Supplemental Appropriation Act, 1955 (31 U.S.C. 200) " on authority of Pub. L. 97-258, §4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.
PRIOR PROVISIONSA prior section 2345, Pub. L. 93-618, title II, §255, as added Pub. L. 111-5, div. B, title I, §1864(a)(3), Feb. 17, 2009, 123 Stat. 398; amended Pub. L. 111-344, title I, §101(c)(4), Dec. 29, 2010, 124 Stat. 3613; as added and amended Pub. L. 112-40, title II, §§201(b), (c), Oct. 21, 2011, 221, Oct. 21, 2011, 125 Stat. 403, 410; as added and amended Pub. L. 114-27, title IV, §§402(b), (c), June 29, 2015, 403, June 29, 2015, 129 Stat. 374, ceased to be effective after the reversion, effective July 1, 2021, of this section to provisions in effect on Jan. 1, 2014, pursuant to section 406 of Pub. L. 114-27 set out as a note preceding section 2271 of this title. Prior to reversion, section 2345 read as follows:
"§2345. Authorization of appropriations"(a) IN GENERAL.-There are authorized to be appropriated to the Secretary to carry out the provisions of this part $16,000,000 for each of the fiscal years 2015 through 2021. Amounts appropriated pursuant to this subsection shall remain available until expended."(b) PERSONNEL.-Of the amounts appropriated pursuant to this section for each fiscal year, $350,000 shall be available for full-time positions in the Department of Commerce to administer the provisions of this part. Of such funds the Secretary shall make available to the Economic Development Administration such sums as may be necessary to establish the position of Director of Adjustment Assistance for Firms and such other full-time positions as may be appropriate to administer the provisions of this part."
AMENDMENTS1986-Subsecs. (b)(2)(B), (i)(3)(E), (5)(A), (B). Pub. L. 99-514 substituted "Internal Revenue Code of 1986" for "Internal Revenue Code of 1954", which for purposes of codification was translated as "title 26" thus requiring no change in text.1983-Subsec. (i). Pub. L. 98-120 added subsec. (i).1981-Subsec. (b). Pub. L. 97-35, §2523(1), amended subsec. (b) generally, substituting provisions limiting the maximum rate of interest on loans guaranteed under this part on the basis of comparison with other Federally guarantee loans for provisions limiting the maximum interest rate on the basis of 15 U.S.C. 636(a) and inserting provisions prohibiting the guarantee of loans if the interest is tax exempt.Subsec. (c). Pub. L. 97-35, §2523(2)(A), (B), inserted references to section 2344 of this title, alternative limitation of useful life of asset, and prohibition of guarantees in excess of 10 years in introductory provisions.Subsec. (c)(2). Pub. L. 97-35, §2523(2)(C), inserted "or servicing" after "liquidation".Subsec. (d). Pub. L. 97-35, §2523(3), designated existing provisions as par. (1) and added par. (2).Subsec. (e). Pub. L. 97-35, §2523(4), substituted provisions respecting conditions applicable to loan guarantees for provisions relating to percentage maximum on loan guarantees which are covered in par. (1).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 1983 AMENDMENTPub. L. 98-120, §4(b), Oct. 12, 1983, 97 Stat. 812, provided that: "The amendment made by subsection (a) [amending this section] shall become effective on the date of the enactment of this Act [Oct. 12, 1983]."Effective Date of 1981 AmendmentAmendment by Pub. L. 97-35 effective Aug. 13, 1981, except as otherwise provided with respect to applications for adjustment assistance, see section 2529 of Pub. L. 97-35 set out as a note under section 2343 of this title.
TERMINATION DATEExcept as otherwise provided, technical assistance and grants may not be provided under this part after June 30, 2022, see section 285 of Pub. L. 93-618 as modified by section 406(a)(7) of Pub. L. 114-27 set out as notes preceding section 2271 of this title.
- commerce
- The term "commerce" includes services associated with international trade.1 See References in Text note below.
- existing
- The term "existing" means (A) when used, without the specification of any date, with respect to any matter relating to entering into or carrying out a trade agreement or other action authorized by this chapter, existing on the day on which such trade agreement is entered into or such other action is taken; and (B) when used with respect to a rate of duty, the nonpreferential rate of duty (however established, and even though temporarily suspended by Act of Congress or otherwise) set forth in rate column numbered 1 of chapters 1 through 97 of the Harmonized Tariff Schedule of the United States on the date specified or (if no date is specified) on the day referred to in clause (A).