New dollar figures for companies under common control
What the document says“(2) in subparagraph (B), by striking "may not exceed $350,000,000." and inserting the following "may not exceed-- "(i) with respect to such companies that are commonly controlled and that make quarterly or semiannual interest payments, $475,000,000; or "(ii) $350,000,000 with respect to any other companies licensed under section 301(c) that are commonly controlled."”
Amends subparagraph (B) of section 303(b)(2) of the Small Business Investment Act of 1958. It strikes the words "may not exceed $350,000,000." and inserts two figures in their place: $475,000,000 with respect to commonly controlled companies that make quarterly or semiannual interest payments, and $350,000,000 with respect to any other commonly controlled companies licensed under section 301(c).
What the document actually says“(2) in subparagraph (B), by striking "may not exceed $350,000,000." and inserting the following "may not exceed-- "(i) with respect to such companies that are commonly controlled and that make quarterly or semiannual interest payments, $475,000,000; or "(ii) $350,000,000 with respect to any other companies licensed under section 301(c) that are commonly controlled."”
Some companies are run by the same owner. If they pay interest each quarter or twice a year, their limit is 475 million dollars. Other such companies have a limit of 350 million dollars.
The struck words named one flat limit. This part puts two limits in their place. The rest of the older law is not on this site.
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