Us Code § 7555 - ARMS Initiative loan guarantee program
Full text of Us Code United States Code § 7555 — ARMS Initiative loan guarantee program, with citation guidance and answers to common questions.
§ 7555. ARMS Initiative loan guarantee program
(a)
(b)
(c)
(A) process applications for loan guarantees;
(B) guarantee repayment of loans; and
(C) provide any other services to the Secretary to administer the loan guarantee program.
(2) The officials referred to in paragraph (1) are as follows:
(A) The Administrator of the Small Business Administration.
(B) The head of any appropriate agency in the Department of Agriculture, including—
(i) the Administrator of the Farmers Home Administration; and
(ii) the Administrator of the Rural Development Administration.
(3) Each official authorized to do so under an agreement entered into under paragraph (1) may guarantee loans under this section to commercial firms of any size, notwithstanding any limitations on the size of applicants imposed on other loan guarantee programs that the official administers.
(4) To the extent practicable, each official processing loan guarantee applications under this section pursuant to an agreement entered into under paragraph (1) shall use the same processing procedures as the official uses for processing loan guarantee applications under other loan guarantee programs that the official administers.
(d)
(1) $20,000,000, with respect to any single borrower; and
(2) $320,000,000 with respect to all borrowers.
(e)
(Added Pub. L. 106–398, §1 [[div. A], title III, §344(a)(1)], Oct. 30, 2000, 114 Stat. 1654, 1654A–70, §4555; renumbered §7555, Pub. L. 115–232, div. A, title VIII, §808(d), Aug. 13, 2018, 132 Stat. 1839.)
Editorial Notes
Amendments
2018—Pub. L. 115–232 renumbered section 4555 of this title as this section.
Statutory Notes and Related Subsidiaries
Effective Date of 2018 Amendment
Amendment by Pub. L. 115–232 effective Feb. 1, 2019, with provision for the coordination of amendments and special rule for certain redesignations, see section 800 of Pub. L. 115–232, set out as a note preceding section 3001 of this title.
CHAPTER 765—ISSUE OF SERVICEABLE MATERIAL TO ARMED FORCES
Editorial Notes
Amendments
2018—Pub. L. 115–232, div. A, title VIII, §808(e)(4), (f)(1), Aug. 13, 2018, 132 Stat. 1839, redesignated chapter 435 of this title as this chapter and items 4561 to 4565 as 7561 to 7565, respectively.
About This Section
10 U.S.C. § 7555 is part of Title 10 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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