REIMBURSEMENT FOR PROCESSING.

SEC. 340. REIMBURSEMENT FOR PROCESSING. (a) Reimbursement.—Section 7(a)(36)(P) of the Small Business Act (15 U.S.C. 636(a)(36)(P)) is amended— (1) by amending clause (i) to read as follows: “(i) In general.—The Administrator shall reimburse a lender authorized to make a covered loan as follows: “(I) With respect to a covered loan made during the period beginning on the date of enactment of this paragraph and ending on the day before the date of enactment of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, the Administrator shall reimburse such a lender at a rate, based on the balance of the financing outstanding at the time of disbursement of the covered loan, of— “(aa) 5 percent for loans of not more than $350,000; “(bb) 3 percent for loans of more than $350,000 and less than $2,000,000; and “(cc) 1 percent for loans of not less than $2,000,000. “(II) With respect to a covered loan made on or after the date of enactment of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, the Administrator shall reimburse such a lender— “(aa) for a covered loan of not more than $50,000, in an amount equal to the lesser of— “(AA) 50 percent of the balance of the financing outstanding at the time of disbursement of the covered loan; or “(BB) $2,500; and “(bb) at a rate, based on the balance of the financing outstanding at the time of disbursement of the covered loan, of— “(AA) 5 percent for a covered loan of more than $50,000 and not more than $350,000; “(BB) 3 percent for a covered loan of more than $350,000 and less than $2,000,000; and “(CC) 1 percent for a covered loan of not less than $2,000,000.” ; and (2) by amending clause (iii) to read as follows: “(iii) Timing.—A reimbursement described in clause (i) shall be made not later than 5 days after the reported disbursement of the covered loan and may not be required to be repaid by a lender unless the lender is found guilty of an act of fraud in connection with the covered loan.” . (b) Fee Limits.— (1) In general.—Section 7(a)(36)(P)(ii) of the Small Business Act (15 U.S.C. 636(a)(36)(P)(ii)) is amended by adding at the end the following: “If an eligible recipient has knowingly retained an agent, such fees shall be paid by the eligible recipient and may not be paid out of the proceeds of a covered loan. A lender shall only be responsible for paying fees to an agent for services for which the lender directly contracts with the agent.”. (2) [15 U.S.C. 636 note] Effective date; applicability.—The amendment made by paragraph (1) shall be effective as if included in the CARES Act (Public Law 116-136; 134 Stat. 281) and shall apply to any loan made pursuant to section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) before, on, or after the date of enactment of this Act, including forgiveness of such a loan.