### Question
What is the definition of qualified debt?


### Answer
The definition of **qualified debt** is as follows in *15 U.S.C. § 696*:

> indebtedness—


(aa) that was incurred not less than 6 months before the date of the application for assistance under this subparagraph

#### Citation:
  - *15 U.S.C. § 696*
  - Heading: **CHAPTER 14B-SMALL BUSINESS INVESTMENT PROGRAM > SUBCHAPTER V-LOANS TO STATE AND LOCAL DEVELOPMENT COMPANIES**

