Immediate Disaster Assistance program

15 U.S.C. § 657n
in effect
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(a) Program requiredThe 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 requirementTo 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 section 636 of this title. (c) Use of proceedsA person who receives a loan under subsection (b) or (c) of section 636 of this title 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 penaltyThere shall be no prepayment penalty on a loan guaranteed under subsection (a). (2) RepaymentA person who receives a loan guaranteed under subsection (a) and who is disapproved for a loan under subsection (b) or (c) of section 636 of this title, 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 11 So in original. Probably should be “subsection (a)”. is disbursed. (e) Approval or disapprovalThe 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.

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15 U.S.C. § 657n — Immediate Disaster Assistance program | United States Code | Corpus