America's Recovery Capital Loans (59.057)

Program

59.057 America's Recovery Capital Loans

Federal Agency

Agency: Small Business Administration

Authorization

American Recovery and Reinvestment Act of 2009, Public Law 111-5.

Program Number

59.057

Last Known Status

Active

Objectives

Designed to help small businesses meet existing debt payments so that they have time to refocus their business plans in order to succeed.

Types of Assistance

Direct Loans

Uses and Use Restrictions

This new SBA loan program will provide deferred payment loans of up to $35,000 to viable small businesses in need of money to make payments on an existing, qualifying loan for up to six months. Loans shall be made to a small business concern (defined under section 3 of the Small Business Act) that meets the eligibility standards in section 7(a0 of the Small Business Act. Loans cannot exceed $35,000 and 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 six months. Loans under this program carry a 100 guaranty, have interest fully subsidized for the period of repayment with repayment for loans being amortized over a period of time not to exceed 5 years and shall not begin until 12 months after the final disbursement of funds is made.

Eligibility Requirements

Applicant Eligibility

None

Beneficiary Eligibility

None

Credentials/Documentation

SBA may accept any available collateral, including subordinated liens, to secure loans made under this program. This program is excluded from coverage under OMB Circular No. A-87.

Application and Award Process

Preapplication Coordination

Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.

Application Procedure

This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110.

Award Procedure

SBA is to issue regulations regarding administration of this program.

Deadlines

Contact the headquarters or regional office, as appropriate, for application deadlines.

Range of Approval/Disapproval Time

Not Applicable.

Appeals

Not Applicable.

Renewals

Not Applicable.

Assistance Considerations

Formula and Matching Requirements

This program has no statutory formula.

This program has no matching requirements.

This program does not have MOE requirements.

Length and Time Phasing of Assistance

See definition of purpose above. See the following for information on how assistance is awarded/released: Periodic payments.

Post Assistance Requirements

Reports

Audits

Not Applicable.

Records

This will be identified in in issued regulations.

Program Accomplishments

Not Applicable.

Financial Information

Account Identification

73-1156-0-1-376.

Obligations

(Direct Loans) FY 08 not reported.; FY 09 est $255,000,000; FY 10 est not reported.

Range and Average of Financial Assistance

Maximum of $35,000 per loan.

Regulations, Guidelines and Literature

Not Applicable.

Related Programs

Not Applicable.

Information Contacts

Regional or Local Office

None.

Headquarters Office

David Lippold 409 3rd. Street, SW, Suite 6000, Washington, District of Columbia 20416 Email: david.lippold@sba.gov Phone: 202-205-6569

Web Site Address

No Data Available

Examples of Funded Projects

Not Applicable.

Criteria for Selecting Proposals

Not Applicable.