§ 5708. Implementation and administration

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 2010

   State Small Business Credit Initiative Act of 2010

   Pub. L. 111–240 title III § 3009 · 124 Stat. 2504

   Enacted · 12 U.S.C. § 5708

   Pub. L. 111–240, title III, § 3009, Sept. 27, 2010, 124 Stat. 2580

   Source evidence

   Code source credit
   Pub. L. 111–240, title III, § 3009, Sept. 27, 2010, 124 Stat. 2580

   Enacted provision · exact public law section
   SEC. 3009. IMPLEMENTATION AND ADMINISTRATION. (a) General Authorities and Duties.— The Secretary shall— (1) consult with the Administrator of the Small Business Administration and the appropriate Federal banking agencies on the administration of the Program; (2) establish minimum national standards for approved State programs; (3) provide technical assistance to States for starting State programs and generally disseminate best practices; (4) manage, administer, and perform necessary program integrity functions for the Program; and (5) ensure adequate oversight of the approved State programs, including oversight of the cash flows, performance, and compliance of each approved State program. (b) Appropriations.— There is hereby appropriated to the Secretary, out of funds in the Treasury not otherwise appropriated, $1,500,000,000 to carry out the Program, including to pay reasonable costs of administering the Program. (c) Termination of Secretary’s Program Administration Functions.— Time period. The authorities and duties of the Secretary to implement and administer the Program shall terminate at the end of the 7-year period beginning on the date of enactment of this Act. (d) Expedited Contracting.— Time period. During the 1-year period beginning on the date of enactment of this Act, the Secretary may enter into contracts without regard to any other provision of law regarding public contracts, for purposes of carrying out this title.

2. 2021

   American Rescue Plan Act of 2021

   Pub. L. 117–2 § 3301(a)(1)(F) · 135 Stat. 4

   Substituted · 12 U.S.C. § 5708(c); 12 U.S.C. § 5708(d)

   Pub. L. 117–2, § 3301(a)(1)(F), substituted “March 11, 2021” for “September 27, 2010”

   Source evidence

   Code amendment note
   Subsecs. (c), (d). Pub. L. 117–2, § 3301(a)(1)(F), substituted “March 11, 2021” for “September 27, 2010”.

   Enacted provision · exact public law section
   (F) in section 3009, 12 USC 5708. by striking “date of enactment of this Act” each place it appears and inserting “date of the enactment of section 3003(d)”; and

   Effective date note
   Amendment by Pub. L. 117–2 applicable with respect to funds appropriated under section 3301 of Pub. L. 117–2 and funds appropriated on and after Mar. 11, 2021, see section 3301(g) of Pub. L. 117–2, set out as a note under section 5701 of this title.

3. 2021

   American Rescue Plan Act of 2021

   Pub. L. 117–2 § 3301(d) · 135 Stat. 4

   Added · 12 U.S.C. § 5708(e)

   Pub. L. 117–2, § 3301(d), added subsec. (e)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 117–2, § 3301(d), added subsec. (e).

   Enacted provision · exact public law section
   (d) Technical Assistance.— Section 3009 of the State Small Business Credit Initiative Act of 2010 (12 U.S.C. 5708) is amended by adding at the end the following: “(e) Technical Assistance.— Of the amounts appropriated for fiscal year 2021 to carry out the Program, $500,000,000 may be used by the Secretary to— “(1) provide funds to States to carry out a technical assistance plan under which a State will provide legal, accounting, and financial advisory services, either directly or contracted with legal, accounting, and financial advisory firms, with priority given to business enterprises owned and controlled by socially and economically disadvantaged individuals, to very small businesses and business enterprises owned and controlled by socially and economically disadvantaged individuals applying for— “(A) State programs under the Program; and “(B) other State or Federal programs that support small businesses; “(2) transfer amounts to the Minority Business Development Agency, so that the Agency may use such amounts in a manner the Agency determines appropriate, including through contracting with third parties, to provide technical assistance to business enterprises owned and controlled by socially and economically disadvantaged individuals applying to— “(A) State programs under the Program; and “(B) other State or Federal programs that support small businesses; and “(3) contract with legal, accounting, and financial advisory firms (with priority given to business enterprises owned and controlled by socially and economically disadvantaged individuals), to provide technical assistance to business enterprises owned and controlled by socially and economically disadvantaged individuals applying to— “(A) State programs under the Program; and “(B) other State or Federal programs that support small businesses.” .

   Effective date note
   Amendment by Pub. L. 117–2 applicable with respect to funds appropriated under section 3301 of Pub. L. 117–2 and funds appropriated on and after Mar. 11, 2021, see section 3301(g) of Pub. L. 117–2, set out as a note under section 5701 of this title.

3 of 3 references resolved to an enrolled provision