; and (bb) the Administrator shall allow for new applicants and give priority to applications submitted by any covered institution that is located in an area with insufficient or no lending under the program. (II) Exception for fiscal year 2024 In fiscal year 2024, not more than 200 covered institutions may participate in the program if— (aa) after reviewing the report under subparagraph (M)(iii), the Administrator determines that not more than 200 covered institutions may participate in the program; (bb) the Administrator notifies Congress in writing of the determination of the Administrator under item (aa); and (cc) not later than July 30, 2023, the Administrator notifies the public of the determination of the Administrator under item (aa). (F) Grandfathering of existing lenders Any covered institution that participated in the Community Advantage Pilot Program of the Administration and is in good standing on the day before the date of enactment of this paragraph— (i) shall retain designation in the program; and (ii) shall not be required to submit an application to participate in the program. (G) Requirement to make loans to underserved markets Not less than 60 percent of loans made by a covered institution under the program shall consist of loans made to small business concerns in underserved markets. (H) Maximum loan amount (i) In general Except as provided in clause (ii), the maximum loan amount for a loan guaranteed under the program is $250,000. (ii) Exception (I) In general The Administration may, in the discretion of the Administration, approve a guarantee of a loan under the program that is more than $250,000 and not more than $350,000. (II) Notification Not later than 2 days after receiving a request for an exception to the maximum loan amount established under clause (i), the Administration shall— (aa) review the request