adding at the end the following: (I) Notification required before direct lending Not later than 60 days before the Administration implements any policy or pilot program that would allow the Administration to directly make a loan under this subsection, the Administrator shall submit a notification to Congress for review. . 210. Restriction on refinancing debt Section 7(a)(1) of the Small Business Act ( 15 U.S.C. 636(a)(1) ), as amended by section 209 of this Act, is amended by adding at the end the following: (J) Restriction on refinancing debt (i) Definition In this subparagraph, the term delegated authority means status granted by the Administration to a lender to allow the lender to process, close, service, and liquidate certain loans made under this subsection without prior review by the Administration. (ii) Restriction A lender shall be prohibited from using any delegated authority under this subsection to refinance any debt held by the lender, including any loan made under this subsection. . 211. GAO study Not later than 2 years after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit to the Administrator, the Committee on Small Business and Entrepreneurship of the Senate, and the Committee on Small Business of the House of Representatives a report that includes— (1) an analysis of the use of alternative credit models for loans made under section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) in an amount of less than $350,000, including— (A) an analysis of whether appropriate guardrails are in place to prevent fraud, waste, and abuse and provide protections for the borrower