Limitations on loan forgiveness

Section 7 of the Small Business Act (15 U.S.C. 636) is amended by adding at the end the following: (o) Limitations on loan forgiveness (1) In general The Administrator may not— (A) forgive any loan under this section unless Congress has authorized such forgiveness; or (B) compromise on, suspend, or end collections on a debt owed to the Administration pursuant to paragraph (2) or (3) of section 3711(a) of title 31, United States Code. (2) Referral of debt If the Administrator seeks to discharge a debt and the discharge of such debt is limited under paragraph (1), the Administrator shall refer such debt to the Department of the Treasury for collection action, including a final determination regarding whether to suspend, end, or continue collection of the debt..

Section 7 of the Small Business Act (15 U.S.C. 636) is amended by adding at the end the following: (o) Limitations on loan forgiveness (1) In general The Administrator may not— (A) forgive any loan under this section unless Congress has authorized such forgiveness; or (B) compromise on, suspend, or end collections on a debt owed to the Administration pursuant to paragraph (2) or (3) of section 3711(a) of title 31, United States Code. (2) Referral of debt If the Administrator seeks to discharge a debt and the discharge of such debt is limited under paragraph (1), the Administrator shall refer such debt to the Department of the Treasury for collection action, including a final determination regarding whether to suspend, end, or continue collection of the debt..