---
kind: "section"
citation: "12 U.S.C. § 5706"
title: "12"
title_heading: "Banks and Banking"
number: "5706"
heading: "Reports"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5706"
units:
  - "Chapter 54 — State Small Business Credit Initiative"
---

# §5706. Reports

- (a) **Quarterly use-of-funds report—**
  - (1) **In general—** Not later than 30 days after the beginning of each calendar quarter, beginning after the first full calendar quarter to occur after the date the [Secretary](/usc/12/5701.md?p=14) approves a [State](/usc/12/5701.md?p=10) for participation, the [participating State](/usc/12/5701.md?p=6) shall submit to the [Secretary](/usc/12/5701.md?p=14) a report on the use of Federal funding by the [participating State](/usc/12/5701.md?p=6) during the previous calendar quarter.
  - (2) **Report contents—** Each report under this subsection shall—
    - (A) indicate the total amount of Federal funding used by the [participating State](/usc/12/5701.md?p=6); and
    - (B) include a certification by the [participating State](/usc/12/5701.md?p=6) that—
      - (i) the information provided in accordance with [subparagraph (A)](#a-2-A) is accurate;
      - (ii) funds continue to be available and legally committed to contributions by the [State](/usc/12/5701.md?p=10) to, or for the account of, approved [State programs](/usc/12/5701.md?p=13), less any amount that has been contributed by the [State](/usc/12/5701.md?p=10) to, or for the account of, approved [State programs](/usc/12/5701.md?p=13) subsequent to the [State](/usc/12/5701.md?p=10) being approved for participation in the [Program](/usc/12/5701.md?p=7); and
      - (iii) the [participating State](/usc/12/5701.md?p=6) is implementing its approved [State program](/usc/12/5701.md?p=13) or [programs](/usc/12/5701.md?p=7) in accordance with this chapter and regulations issued under [section 5709 of this title](/usc/12/5709.md).
- (b) **Annual report—** Not later than March 31 of each year, beginning March 31, 2022, each [participating State](/usc/12/5701.md?p=6) shall submit to the [Secretary](/usc/12/5701.md?p=14) an annual report that shall include the following information:
  - (1) The number of borrowers that received new loans originated under the approved [State program](/usc/12/5701.md?p=13) or [programs](/usc/12/5701.md?p=7) after the [State program](/usc/12/5701.md?p=13) was approved as eligible for [Federal contributions](/usc/12/5701.md?p=4).
  - (2) The total amount of such new loans.
  - (3) Breakdowns by industry type, loan size, annual sales, and number of employees of the borrowers that received such new loans.
  - (4) The zip code of each borrower that received such a new loan.
  - (5) Such other data as the [Secretary](/usc/12/5701.md?p=14), in the [Secretary](/usc/12/5701.md?p=14)’s sole discretion, may require to carry out the purposes of the [Program](/usc/12/5701.md?p=7).
- (c) **Form—** The reports and data filed under subsections [(a)](#a) and [(b)](#b) shall be in such form as the [Secretary](/usc/12/5701.md?p=14), in the [Secretary](/usc/12/5701.md?p=14)’s sole discretion, may require.
- (d) **Termination of reporting requirements—** The requirement to submit reports under subsections [(a)](#a) and [(b)](#b) shall terminate for a [participating State](/usc/12/5701.md?p=6) with the submission of the completed reports due on the first March 31 to occur after 5 complete 12-month periods after the [State](/usc/12/5701.md?p=10) is approved by the [Secretary](/usc/12/5701.md?p=14) to be a [participating State](/usc/12/5701.md?p=6).

## Source credit

(Pub. L. 111–240, title III, § 3007, Sept. 27, 2010, 124 Stat. 2579; Pub. L. 117–2, title III, § 3301(a)(1)(E), Mar. 11, 2021, 135 Stat. 69.)

## Notes

### Editorial Notes

### Amendments

2021—Subsec. (b). Pub. L. 117–2 substituted “March 31, 2022” for “March 31, 2011” in introductory provisions.

### Statutory Notes and Related Subsidiaries

### Effective Date of 2021 Amendment

Amendment by Pub. L. 117–2 applicable with respect to funds appropriated under section 3301 of Pub. L. 117–2 and funds appropriated on and after Mar. 11, 2021, see section 3301(g) of Pub. L. 117–2, set out as a note under section 5701 of this title.