e-CFR banner

Home
gpo.gov
govinfo.gov

e-CFR Navigation Aids

Browse

Simple Search

Advanced Search

 — Boolean

 — Proximity

 

Search History

Search Tips

Corrections

Latest Updates

User Info

FAQs

Agency List

Incorporation By Reference

eCFR logo

Related Resources

 

Electronic Code of Federal Regulations

e-CFR data is current as of May 21, 2020

Amendment


13 CFR--PART 124

View Printed Federal Register page 85 FR 27660 in PDF format.

Amendment(s) published May 11, 2020, in 85 FR 27660

Effective Dates: July 15, 2020

2. Amend §124.104 as follows:

a. Remove the first two sentences of paragraph (c)(2) introductory text and add one sentence in their place;

b. Revise the first sentence of paragraph (c)(2)(ii);

c. Remove the first two sentences of paragraph (c)(3)(i) and add one sentence in their place; and

d. Revise the first sentence of paragraph (c)(4).

The additions and revisions read as follows:

§124.104   Who is economically disadvantaged?

*   *   *   *   *

(c) *  *  *

(2) *  *  * The net worth of an individual claiming disadvantage must be less than $750,000. *  *  *

*   *   *   *   *

(ii) Funds invested in an Individual Retirement Account (IRA) or other official retirement account will not be considered in determining an individual's net worth. *  *  *

*   *   *   *   *

(3) *  *  * (i) SBA will presume that an individual is not economically disadvantaged if his or her adjusted gross income averaged over the three preceding years exceeds $350,000. *  *  *

*   *   *   *   *

(4) *  *  * An individual will generally not be considered economically disadvantaged if the fair market value of all his or her assets (including his or her primary residence and the value of the applicant/Participant firm) exceeds $6 million. *  *  *

Need assistance?