American Small Business Competition Act of 2022
Bill: S.3682 | Sponsor: Sen. Ernst, Joni (R-IA)
Policy area: Commerce

Summary:
American Small Business Competition Act of 2022
This bill increases the maximum loan amounts available for small businesses principally engaged in agriculture, manufacturing, or the production of certain technologies. It also requires the Small Business Administration to report about the effect of inflation and supply chain disruption on the cost to small businesses of accessing capital.

To increase the loan limits under the business loan program and the 504 
   loan program of the Small Business Administration for businesses 
  principally engaged in agriculture, manufacturing, or production of 
      critical and emerging technologies, 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 ``American Small Business Competition 
Act of 2022''.

SEC. 2. LOAN LIMITS.

    (a) Business Loan Program.--Section 7(a)(3) of the Small Business 
Act (15 U.S.C. 636(a)(3)) is amended--
            (1) in subparagraph (A), by striking ``subparagraph (B)'' 
        and inserting ``subparagraphs (B) and (C)'';
            (2) in subparagraph (B), by striking ``and'' at the end;
            (3) by redesignating subparagraph (C) as subparagraph (D); 
        and
            (4) by inserting after subparagraph (B) the following:
                    ``(C) if the total amount outstanding and committed 
                (by participation or otherwise) to the borrower from 
                the business loan and investment fund established by 
                this Act would exceed $7,500,000 (or if the gross loan 
                amount would exceed $10,000,000), for a small business 
                concern--
                            ``(i) that is principally engaged in 
                        agriculture, manufacturing, or production of a 
                        technology listed on the Critical and Emerging 
                        Technologies List issued by the National 
                        Security Council, or any successor thereto;
                            ``(ii) for which the headquarters of the 
                        small business concern is located in the United 
                        States; and
                            ``(iii) that includes in the application of 
                        the small business concern for the loan under 
                        this subsection information regarding any 
                        foreign individual or entity that owns not less 
                        than 5 percent of the small business concern; 
                        and''.
    (b) 504 Loan 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 ``or (v)'' and inserting 
        ``(v), or (vi)'';
            (2) in clause (iv), by striking ``and'' at the end;
            (3) in clause (v), by striking the period at the end and 
        inserting ``; and''; and
            (4) by adding at the end the following:
                            ``(vi) $10,000,000 for each project of a 
                        small business concern principally engaged in 
                        agriculture, manufacturing, or production of a 
                        technology listed on the Critical and Emerging 
                        Technologies List issued by the National 
                        Security Council, or any successor thereto.''.

SEC. 3. REPORT REGARDING ACCESS TO CAPITAL FOR SMALL BUSINESSES.

    Not later than 1 year after the date of enactment of this Act, the 
Administrator of the Small Business Administration shall submit to 
Congress a report that--
            (1) provides a description of the effect of inflation and 
        supply chain disruption during the 3-year period ending on the 
        date of enactment of this Act on the cost to small business 
        concerns (as defined under section 3 of the Small Business Act 
        (15 U.S.C. 636)) of obtaining access to capital, disaggregated 
        by industry; and
            (2) makes recommendations, in partnership with the Office 
        of Advocacy of the Small Business Administration, on how to 
        support access to capital for small business concerns involved 
        in domestic manufacturing, agriculture, and production of 
        technologies listed on the Critical and Emerging Technologies 
        List issued by the National Security Council, or any successor 
        thereto.
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