US HB7426

Requires USDA to provide a simplified application form for real estate and operating guaranteed loans up to $1,000,000

Mandates the Secretary notify lenders within 5 business days whether applications from Preferred Certified Lenders or Certified Lenders are approved or disapproved

Establishes tiered maximum guarantee percentages: 90% for loans up to $125,000, 75% for loans between $125,000-$500,000, and 50% for loans between $500,000-$1,000,000

Creates an accelerated application process for business and industry guaranteed loans to rural entities up to $400,000, extendable to $600,000 if default risk is not significantly increased

Amends Section 333A of the Consolidated Farm and Rural Development Act (7 U.S.C. 1983a) and strikes existing subsection (h)