for a covered loan, has been convicted of a felony of financial fraud or deception under Federal, State, or Tribal law. (ii) Arrests or convictions An entity that is a business, organization, cooperative, or enterprise shall be an eligible recipient notwithstanding a prior arrest or conviction under Federal, State, or Tribal law of an owner of 20 percent or more of the equity of such entity, unless such owner is currently incarcerated. (iii) Waiver The Administrator may waive the requirements of clause (i). . (2) Rulemaking Not later than 15 days after the date of enactment of this Act, the Administrator of the Small Business Administration shall make necessary revisions to any rules to carry out the amendment made by this subsection. (k) Technical assistance for community financial institutions Section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ), as amended by subsection (i), is further amended by adding at the end the following new subparagraph: (V) Technical assistance for community financial institutions Of amounts appropriated to carry out this paragraph, the Secretary of the Treasury, in consultation with the Administrator, shall use $250,000,000 of such amounts to provide grants to community financial institutions, insured depository institutions with consolidated assets of less than $10,000,000,000, and credit unions with consolidated assets of less than $10,000,000,000, to ensure such institutions can update their systems (including updates related to compliance with the Bank Secrecy Act) and efficiently provide loans that are guaranteed under this paragraph. . (l) Technical amendment Section 7(a)(36)(G) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) is amended— (1) in the subparagraph heading, by striking Borrower requirements and all that follows through eligible recipient applying and inserting Borrower certification requirements .—An eligible recipient applying