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SBA plans to issue regulations for the SBA Express loan program codified in section 7(a)(31) of the Small Business Act. The SBA Express loan program reduces the number of Government mandated forms and procedures, streamlines the processing and reduces the cost of smaller, less complex SBA loans. Particular features of the SBA Express loan program include: (1) SBA Express loans carry a maximum SBA guaranty of 50 percent; (2) SBA Express lenders use, to the maximum extent practicable, their own documentation, analyses, policies and procedures; and (3) a response to an SBA Express loan application will be given within 36 hours. SBA also plans to issue regulations for the Export Express Program codified at 7(a)(35) of the Small Business Act. The Export Express Program, made permanent by the Small Business Jobs Act, makes guaranteed financing available for export development activities. 

The SBA Express loan program regulations will also include regulations to implement the Recovery Opportunity Loan Program, as required by section 2106 of the Recovery Improvements for Small Entities After Disaster Act of 2015 (RISE Act).  Under the Recovery Opportunity Loan Program, SBA may guarantee an Express loan to a small business located in a disaster area.  Features of the Recovery Opportunity Loan Program include the following: (1) Maximum loan amount is $150,000; (2) Maximum guaranty rate is 85 percent; (3) Recovery Opportunity Loans do not count against the Express borrower loan cap ($350,000); (4) Guaranty fee is equal to rate for 50 percent guaranteed loans, unless waived by the Administrator, and shall not apply if the cost of carrying out the program is more than zero in a fiscal year and such cost is directly attributable to the cost of guaranteeing Recovery Opportunity Loans; and (5) Loans must be made within a five year period beginning from the date of the declaration of the disaster.

Overall Description of Deadline: Section 2106 requires SBA to promulgate rules to carry out the Recovery Opportunity Loan Program not later than 270 days (August 21, 2016) after enactment of the RISE After Disaster Act of 2015.