13 CFR 120.352 - Use of proceeds.

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There is 1 rule appearing in the Federal Register for 13 CFR 120. View below or at eCFR (GPOAccess)
§ 120.352 Use of proceeds.
Loan proceeds may be used for two purposes.
(a) Qualified employer securities. A qualified employee trust may relend loan proceeds to the employer by purchasing qualified employer securities. The small business concern may use these funds for any general 7(a) purpose.
(b) Control of employer. A qualified employee trust may use loan proceeds to purchase a controlling interest (51 percent) in the employer. Ownership and control must vest in the trust by the time the loan is repaid.

Title 13 published on 2014-01-01

The following are only the Rules published in the Federal Register after the published date of Title 13.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-03-21; vol. 79 # 55 - Friday, March 21, 2014
    1. 79 FR 15641 - 504 and 7(a) Loan Programs Updates
      GPO FDSys XML | Text
      SMALL BUSINESS ADMINISTRATION
      Final rule.
      This rule is effective April 21, 2014, except for the amendment to 13 CFR 120.823, which is effective April 21, 2015.
      13 CFR Part 120

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United States Code
Statutes at Large

Title 13 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 13 CFR 120 after this date.

  • 2014-03-21; vol. 79 # 55 - Friday, March 21, 2014
    1. 79 FR 15641 - 504 and 7(a) Loan Programs Updates
      GPO FDSys XML | Text
      SMALL BUSINESS ADMINISTRATION
      Final rule.
      This rule is effective April 21, 2014, except for the amendment to 13 CFR 120.823, which is effective April 21, 2015.
      13 CFR Part 120