; or (bb) of which not less than 25 percent is serving rural areas during the period of the intermediary’s participation in the program. ; and (iii) by adding at the end the following new subparagraph: (G) Grant amounts based on appropriations In any fiscal year in which the amount appropriated to make grants under subparagraph (A) is sufficient to provide to each intermediary that receives a loan under paragraph (1)(B)(i) a grant of not less than 25 percent of the total outstanding balance of loans made to the intermediary under this subsection, the Administration shall make a grant under subparagraph (A) to each intermediary of not less than 25 percent and not more than 30 percent of that total outstanding balance for the intermediary. ; (C) by striking paragraph (7) and inserting the following: (7) Program funding for microloans Under the program authorized by this subsection, the Administration may fund, on a competitive basis, not more than 300 intermediaries. ; and (D) in paragraph (11)— (i) in subparagraph (C)(ii), by striking all after the semicolon and inserting and ; and (ii) by striking all after subparagraph (C), and inserting the following: (D) the term economically distressed area , as used in paragraph (4), means a county or equivalent division of local government of a State in which the small business concern is located, in which, according to the most recent data available from the Bureau of the Census, Department of Commerce, not less than 40 percent of residents have an annual income that is at or below the poverty level. . (2) Prospective amendment Effective on October 1, 2021, section 7(m)(3)(C) of the Small Business Act ( 15 U.S.C. 636(m)(3)(C) ), as amended by paragraph (1)(A), is further amended— (A) by striking $10,000,000 and by inserting $7,000,000