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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 1615 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 1615

 To amend the Small Business Act and the Small Business Investment Act 
    of 1958 to stop the small business credit crunch, and for other 
                               purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             August 6, 2009

   Ms. Snowe introduced the following bill; which was read twice and 
    referred to the Committee on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL

 
 To amend the Small Business Act and the Small Business Investment Act 
    of 1958 to stop the small business credit crunch, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Next Step for Main Street Credit 
Availability Act of 2009''.

SEC. 2. MAXIMUM AMOUNTS FOR 7(A) LOANS.

    Section 7(a)(3)(A) of the Small Business Act (15 U.S.C. 
636(a)(3)(A)) is amended by striking ``$1,500,000 (or if the gross loan 
amount would exceed $2,000,000'' and inserting ``$4,000,000 (or if the 
gross loan amount would exceed $5,000,000''.

SEC. 3. REFINANCING EXISTING 7(A) LOANS.

    (a) In General.--Section 7(a) of the Small Business Act (15 U.S.C. 
636(a)) is amended by adding at the end the following:
            ``(34) Refinancing existing loans.--A borrower that has 
        received a loan under this subsection may refinance the balance 
        of the loan by applying for a loan from the lender that made 
        the original loan or with another lender.''.
    (b) Technical Amendment.--Section 7(a) of the Small Business Act 
(15 U.S.C. 636(a)) is amended by striking ``(32) Increased'' and 
inserting ``(33) Increased''.

SEC. 4. MAXIMUM LOAN AMOUNTS UNDER 504 PROGRAM.

    Section 502(2)(A) of the Small Business Investment Act of 1958 (15 
U.S.C. 696(2)(A)) is amended--
            (1) in clause (i), by striking ``$1,500,000'' and inserting 
        ``$4,000,000'';
            (2) in clause (ii), by striking ``$2,000,000'' and 
        inserting ``$5,000,000''; and
            (3) in clause (iii), by striking ``$4,000,000'' and 
        inserting ``$5,500,000''.

SEC. 5. MAXIMUM LOAN LIMITS UNDER MICROLOAN PROGRAM.

    Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is 
amended--
            (1) in paragraph (1)(B)(iii), by striking ``$35,000'' and 
        inserting ``$50,000'';
            (2) in paragraph (3)(E), by striking ``$35,000'' each place 
        it appears and inserting ``$50,000''; and
            (3) in paragraph (11)(B), by striking ``$35,000'' and 
        inserting ``$50,000''.

SEC. 6. ONLINE LENDING PLATFORM.

    It is the sense of the Congress that the Administrator of the Small 
Business Administration should establish a website that--
            (1) lists each lender that makes loans guaranteed by the 
        Small Business Administration and provides information about 
        the loan rate of each such lender; and
            (2) allows prospective borrowers--
                    (A) to compare rates on loans guaranteed by the 
                Small Business Administration; and
                    (B) to apply online for loans guaranteed by the 
                Small Business Administration.
                                 <all>
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