Small Business Assistance and Relief Act of 2010

Bill: 111-hr-5554
Sponsor: Rep. Castle, Michael N. [R-DE-At Large]
Introduced: 2010-06-17 in the House
Policy area: Commerce
Subjects: Accounting and auditing
Administrative law and regulatory procedures
Administrative remedies
Alternative and renewable resources
Appropriations
Business investment and capital
Business records
Computers and information technology
Credit and credit markets
Disaster relief and insurance
Energy efficiency and conservation
Financial crises and stabilization
Financial services and investments
Government information and archives
Government lending and loan guarantees
Government studies and investigations
Government trust funds
Hazardous wastes and toxic substances
Health information and medical records
Health technology, devices, supplies
Housing finance and home ownership
Income tax credits
Income tax deductions
Income tax exclusion
Interest, dividends, interest rates
Licensing and registrations
Manufacturing
Rural conditions and development
Securities
Small Business Administration
Small business
Temporary and part-time employment
Unemployment
User charges and fees
Veterans' education, employment, rehabilitation

Summary:
action_date: 2010-06-17
text: 
Small Business Assistance and Relief Act of 2010 - Expresses the sense of Congress that: (1) assistance should be made available to creditworthy small businesses that cannot obtain lending in the current environment; and (2) reforming Fannie Mae and Freddie Mac should be a top priority for Congress.
 
Provides, with respect to small businesses: (1) an extension of specified tax provisions concerning deductions, credits, and income exclusion; and (2) a limit on the paperwork required to be submitted from a small business to federal agencies.
 
Small Business Financing and Investment Act of 2010 - Amends the Small Business Act and the Small Business Investment Act of 1958 to provide for the establishment of a small lender outreach program, a rural lending outreach program, a national lender training program, a capital backstop program, and an independent appellate process within the Small Business Administration (SBA), with an SBA ombudsman.
 
Revises or adds provisions affecting a certified development company (CDC), including concerning: (1) operational requirements; (2) an accredited lenders program; (3) a premier certified lenders program; (4) SBA guarantee of debentures issued by a CDC; (5) economic development through debentures; (6) CDC project funding requirements; (7) private debenture sales and the pooling of debentures; and (8) CDC authority to foreclose and liquidate SBA-guaranteed loans.
 
Expands eligibility for, and increases loan limits under, the SBA's Microloan program.
 
Revises or adds provisions affecting the small business investment company (SBIC) program, including concerning: (1) expedited SBIC licensing for experienced applicants; (2) revised loan leverage limitations for successful SBICs; (3) SBIC authority to invest in veteran-owned small businesses; and (4) increased SBIC program levels.
 
Revises or adds provisions concerning investment in small businesses engaged primarily in manufacturing and in renewable-energy small businesses.
 
Authorizes the SBA to guarantee loans to certain medical professionals for the acquisition of health information technology used in the professionals' practice.
 
Directs the SBA Administrator to establish and carry out a program to provide equity investment financing to support early-stage small businesses in specified targeted industries.
 
Revises requirements and increases loan limits under the SBA's disaster loan program.
 
 Requires certain SBA studies.


Legislative actions:
action_date: 2010-06-17
text: Referred to House Financial Services
action_date: 2010-06-17
text: Referred to House Energy and Commerce
action_date: 2010-06-17
text: Referred to House Appropriations
action_date: 2010-06-17
text: Referred to House Ways and Means
action_date: 2010-06-17
text: Referred to the Committee on Small Business, and in addition to the Committees on Ways and Means, Appropriations, Energy and Commerce, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2010-06-17
text: Referred to House Small Business
action_date: 2010-06-17
text: Introduced in House
action_date: 2010-06-17
text: Introduced in House