The cumulative total of the principal of the loans outstanding at any time with respect to which guarantees have been issued, or which have been directly made, under this part may not exceed the lesser of— (1) such limitations as may be specified in appropriations Acts, or (2) in the case of loans covered by allotments for the fiscal year ending June 30, 1971 , $500,000,000; for the fiscal year ending June 30, 1972 , $1,000,000,000; and for each of the fiscal years ending June 30, 1973 , and June 30, 1974 , $1,500,000,000. (July 1, 1944, ch. 373, title VI, § 625, as added Pub. L. 91–296, title II, § 201 , June 30, 1970 , 84 Stat. 347 ; amended Pub. L. 93–45, title I, § 108(b)(2) , June 18, 1973 , 87 Stat. 93 .) Editorial Notes Amendments 1973— Pub. L. 93–45 provided for a limitation of $1,500,000,000 on amount of loans outstanding in the case of loans covered by allotments for fiscal year ending June 30, 1974 .