§ 145.995 - Principal.

Principal means—

(a) An officer, director, owner, partner, principal investigator, or other person within a participant with management or supervisory responsibilities related to a covered transaction; or

(b) A consultant or other person, whether or not employed by the participant or paid with Federal funds, who—

(1) Is in a position to handle Federal funds;

(2) Is in a position to influence or control the use of those funds; or,

(3) Occupies a technical or professional position capable of substantially influencing the development or outcome of an activity required to perform the covered transaction.

(c) Other examples of individuals who are principals in SBA covered transactions include:

(1) Principal investigators.

(2) Securities brokers and dealers under the section 7(a) Loan, Certified DevelopmentCompany (CDC) and Small Business Investment Company (SBIC) programs.

(3) Applicant representatives under the section 7(a) Loan, Certified DevelopmentCompany (CDC), Small Business Investment Company (SBIC), Small Business DevelopmentCenter (SBDC), and section 7(j) programs.

(4) Providers of professional services under section 7(a) Loan, Certified DevelopmentCompany (CDC), Small Business Investment Company (SBIC), Small Business DevelopmentCenter (SBDC), and section 7(j) programs.

(5) Individuals that certify, authenticate or authorize billings.