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Federal Register / Vol. 86, No. 143 / Thursday, July 29, 2021 / Rules and Regulations Authority: 15 U.S.C. 634b6, b7, b14, h, and note, 636a, h, and m, 636m, 650, 687f, 6963, 697, 697a, and 697e; Public Law 1115, 123 Stat. 115; Public Law 111240, 124 Stat. 2504; Public Law 116260, 134 Stat. 1182.

2. Amend 120.882 as follows:
a. Remove the number 50 in paragraph e introductory text and add the number 100 in its place.
b. Revise paragraphs g3 and 11;
c. Redesignate paragraph g15 as paragraph g16;
d. Add a new paragraph g15;
e. In the newly redesignated paragraph g16:
i. Remove the paragraph heading;
ii. In the definition for the term Qualified debt:
A. Redesignate paragraphs i through vii as paragraphs A through G;
B. Revise newly redesignated paragraph A;
C. Remove newly redesignated paragraphs B and G and further redesignate paragraphs C through F
as paragraphs B through E;
D. In newly redesignated paragraph B, remove iii, 13 CFR 120.131 and 13 CFR 120.870b, and 13 CFR
120.131b and add in their places B, 120.131 and 120.870b, and 120.131b, respectively;
E. Add the word and at the end of newly redesignated paragraph D; and F. Revise newly redesignated paragraph E; and iii. Revise the definition for the term Same institution debt.
The revisions and addition read as follows:

120.882
loans.

Eligible Project costs for 504

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g
3 A loan that is subject to a guarantee by a Federal agency or department may be refinanced under the following conditions and requirements:
i An existing 504 loan may be refinanced if both the Third Party Loan and the 504 Loan are being refinanced or the Third Party Loan has been paid in full.
ii An existing 7a loan may be refinanced if the CDC verifies in writing that the present lender is either unwilling or unable to modify the current payment schedule. In the case of same institution debt, if the Third Party Lender or the CDC affiliate as authorized under 120.820 is the 7a lender, the loan will be eligible for 504
refinancing only if the lender is unable to modify the terms of the existing loan because a secondary market investor will not agree to modified terms.

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iii The refinancing will provide a substantial benefit to the borrower. For purposes of this paragraph g3iii, substantial benefit means that the portion of the new installment amount attributable to the debt being refinanced must be at least 10 percent less than the existing installment amounts.
Prepayment penalties, financing fees, and other financing costs must be added to the amount being refinanced in calculating the percentage reduction in the new installment payment, but the portion of the new installment amount attributable to Eligible Business Expenses as described in paragraph g6ii of this section is not included in this calculation. Exceptions to the 10
percent reduction requirement may be approved by the Director, Office of Financial Assistance D/FA or designee for good cause. PCLP CDCs may not use their delegated authority to approve a loan requiring the exception in this paragraph g3iii.

11 PCLP CDCs may not approve the refinancing of same institution debt under their delegated authority and must submit the application to SBA for approval.

15 Notwithstanding 120.860, a debt may be refinanced under this paragraph g if it does not meet the job creation or other economic development objectives set forth in 120.861 or 120.862. In such case, the 504 loan may not exceed the product obtained by multiplying the number of employees of the Borrower by $75,000. The number of employees of the Borrower is equal to the sum of:
i The number of full-time employees of the Borrower on the date of the application; and ii The product obtained by multiplying:
A The number of part-time employees of the Borrower on the date of the application; by B The quotient obtained by dividing the average number of hours each parttime employee of the Borrower works each week by 40.
Example to paragraph g15: 30 fulltime employees and 35 part-time employees working 20 hours per week is calculated as follows: 30 + 35 20/
40 = 47.5. The maximum amount of the 504 loan would be 47.5 multiplied by $75,000, or $3,562,500.
16
Qualified debt
A That was incurred not less than 6
months before the date of the application for refinancing available under this paragraph g.

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E That is not a Third Party Loan that is part of an existing 504 Project, except as allowed under paragraph g3 of this section.

Same institution debt means any debt of the CDC or the Third Party Lender, or an affiliate of either, that is providing funds for the refinancing.
Isabella Casillas Guzman, Administrator.
FR Doc. 202115975 Filed 72821; 8:45 am BILLING CODE 802603P

DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration 14 CFR Part 39
Docket No. FAA20210605; Project Identifier AD202100805R; Amendment 3921664; AD 20211552
RIN 2120AA64

Airworthiness Directives; Various Restricted Category Helicopters Federal Aviation Administration FAA, DOT.
ACTION: Final rule; request for comments.
AGENCY:

The FAA is adopting a new airworthiness directive AD for various restricted category helicopters originally manufactured by Bell Textron Inc. This AD was prompted by a fatal accident in which an outboard main rotor hub strap pin pin sheared off during flight, resulting in the main rotor blade and the main rotor head detaching from the helicopter. This AD requires removing certain pins from service and prohibits installing those pins on any helicopter.
The FAA previously sent an emergency AD to all known U.S. owners and operators of these restricted category helicopters and is now issuing this AD
to address the unsafe condition on these products.
DATES: This AD is effective August 13, 2021. Emergency 20211552, issued on July 8, 2021, which contained the requirements of this amendment, was effective with actual notice.
The FAA must receive comments on this AD by September 13, 2021.
ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
Federal eRulemaking Portal: Go to https www.regulations.gov. Follow the instructions for submitting comments.
Fax: 202 4932251.
Mail: U.S. Department of Transportation, Docket Operations, SUMMARY:

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