Regulations

Not later than 1 year after the date of enactment of this Act, the Administrator of the Small Business Administration shall promulgate regulations to carry out sections 49 and 50 of the Small Business Act, as amended by this Act, which shall include procedures to— (1) verify the proper use of financial assistance provided under each such section, including a grant or loan made under such section 50 with financial assistance provided under that section; and (2) establish clawback provisions for any instance of fraud committed with respect to any financial assistance, or any grant or loan, described in paragraph (1) of this section.