,,ii  #aai? ,,congress  #b;d ,session   
,s4 #decd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #ad1 #bjbf,ms4    
,cortez ,ma/o 7= h]self & ,ms4          
,alsobrooks7 introduc$ ! foll[+ bill2   
:i* 0 read twice & ref]r$ to !          
,committee on ,small ,bus9ess &         
,entrepr5eur%ip  ,a ,,bill  ,to am5d !  
,small ,bus9ess ,act to e/abli% a direct
 loan program = microbus9esses at !     
,small ,bus9ess ,adm9i/ration1 & = o!r  
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,microbus9ess ,support     
,act4  #b4 ,direct loan program =       
microbus9esses ,section #g7;a7 ( !      
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7;a77 is am5d$ by add+ at ! end !   
foll[+3  7#ch7 ,microbus9ess loan       
program  7,a7 ,def9ition  7i7 ,9 g5]al  
,9 ?is p>agraph1 ! t]m microbus9ess     
means an indep5d5tly own$ & op]at$      
=-pr(it bus9ess entity t-- 7,i7 employs 
n m ?an #aj full-"t employees1 det]m9$  
on a full-"t equival5t basis2 &  7,,ii7 
has annual rev5ue ( n m ?an ! less] (-- 

7aa7 #e1jjj1jjj2 or  7bb7 ! size /&>d 9 
doll>s1 if any1 = ! ,nor? ,am]ican      
,indu/ry ,classification ,sy/em code    
assign$ to ! bus9ess entity = ! bus9ess 
entity to qualify z a small bus9ess     
conc]n4  7ii7 ,full-"t ,= purposes (    
clause 7i71 ! t]m full-"t means t an    
individual-- 7,i7 is employ$ =          
consid]ation = n less ?an #ce h\rs ea*  
week2 or  7,,ii7 r5d]s any o!r /&>d (   
s]vice g5]ally accept$ by cu/om or      
specifi$ by contract z full-"t          
employm5t4  7iii7 ,v]ification ,!       
,adm9i/rator may reque/ f a bus9ess     
entity su* docum5tation z may be        
necess>y to e/abli% t ! bus9ess entity  
qualifies z a microbus9ess "u ?is       
subp>agraph4  7,b7 ,au?ority ,!         
,adm9i/rator is au?oriz$ to orig9ate &  
disburse direct loans1 includ+ ?r\gh    
p>tn]%ips ) ?ird p>ties1 to             
microbus9esses "u ?is subsection4  7,c7 
,maximum am\nt ,! maximum am\nt ( a loan
 made "u ?is p>agraph to a microbus9ess 
is #ajj1jjj4  7,d7 ,fees ,) respect to  

ea* loan made "u ?is p>agraph1 !        
,adm9i/rator1 an au?oriz$ ?ird p>ty1 or 
an ag5t may-- 7i7 impose1 collect1      
reta91 & utilize fees1 :i* may be *>g$  
to ! borr[]1 to cov] any co/s associat$ 
) ref]r+ applications or orig9at+1 mak+1
 und]writ+1 disburs+1 clos+1 s]vic+1 or 
liquidat+ ! loan1 includ+ any direct    
l5d+ ag5t co/s1 o!r program or contract 
co/s1 or o!r ag5t adm9i/rative exp5ses2 
7ii7 impose1 collect1 reta91 & utilize  
fees 7includ+ unus$ fees & draw fees71  
:i* may be *>g$ to ! borr[] on loans =  
revolv+ l9es ( cr$it2 &  7iii7 pay ?ird 
p>ties1 includ+ direct l5d+ ag5ts &     
f9ancial in/itutions1 ) :i* !           
,adm9i/ration p>tn]s = assi/ance 9      
ref]r+ applicants or promot+1 orig9at+1 
mak+1 und]writ+1 disburs+1 clos+1       
s]vic+1 or liquidat+ loans 9 accordance 
) ?is p>agraph on behalf ( !            
,adm9i/ration4  7,e7 ,t]ms  7i7 ,9 g5]al
 ,n lat] ?an #ij days aft] ! date (     
enactm5t ( ?is p>agraph1 ! ,adm9i/rator 
%all issue int]im f9al rules & revise   

any relevant rules to e/abli% ! t]ms &  
conditions = a direct loan made "u ?is  
p>agraph1 includ+ ) respect to repaym5t1
 und]writ+ crit]ia1 int]e/ rate1        
maturity1 & o!r t]ms4  7ii7 ,int]e/ rate
 ,! int]e/ rate = a loan made "u ?is    
p>agraph %all be 9 accordance ) p>agraph
 7#d77;,a71 except #f p]c5t p] annum    
%all be sub/itut$ = #a p]c5t p] annum4  
4