Business Stabilization Program.

Sec. 506. Business Stabilization Program. (a) In General.—Subject to the availability of appropriations, the Administrator of the Small Business Administration shall carry out a program to provide loans on a deferred basis to viable (as such term is determined pursuant to regulation by the Administrator of the Small Business Administration) small business concerns that have a qualifying small business loan and are experiencing immediate financial hardship.(b) Eligible Borrower.—A small business concern as defined under section 3 of the Small Business Act (15 U.S.C. 632).(c) Qualifying Small Business Loan.—A loan made to a small business concern that meets the eligibility standards in section 7(a) of the Small Business Act (15 U.S.C. 636(a)) but shall not include loans guarantees (or loan guarantee commitments made) by the Administrator prior to the date of enactment of this Act.(d) Loan Size.—Loans guaranteed under this section may not exceed $35,000.(e) Purpose.—Loans guaranteed under this program shall be used to make periodic payment of principal and interest, either in full or in part, on an existing qualifying small business loan for a period of time not to exceed 6 months.(f) Loan Terms.—Loans made under this section shall:(1) carry a 100 percent guaranty; and(2) have interest fully subsidized for the period of repayment.(g) Repayment.—Repayment for loans made under this section shall—(1) be amortized over a period of time not to exceed 5 years; and(2) not begin until 12 months after the final disbursement of funds is made.(h) Collateral.—The Administrator of the Small Business Administration may accept any available collateral, including subordinated liens, to secure loans made under this section.(i) Fees.—The Administrator of the Small Business Administration is prohibited from charging any processing fees, origination fees, application fees, points, brokerage fees, bonus points, prepayment penalties, and other fees that could be charged to a loan applicant for loans under this section.(j) Sunset.—The Administrator of the Small Business Administration shall not issue loan guarantees under this section after September 30, 2010.123 STAT. 158(k) Emergency Rulemaking Authority.—The Administrator of the Small Business Administration shall issue regulations under this section within 15 days after the date of enactment of this section. The notice requirements of section 553(b) of title 5, United States Code shall not apply to the promulgation of such regulations.