To amend the Small Business Act to establish the Community Advantage Loan Program.

Bill: 116-hr-7903
Sponsor: Rep. Chu, Judy [D-CA-27]
Introduced: 2020-07-31 in the House
Policy area: Commerce
Subjects: Bank accounts, deposits, capital
Banking and financial institutions regulation
Congressional oversight
Economic development
Economic performance and conditions
Government information and archives
Government lending and loan guarantees
Government studies and investigations
Interest, dividends, interest rates
Minority and disadvantaged businesses
Performance measurement
Public-private cooperation
Rural conditions and development
Small Business Administration
Small business

Summary:
action_date: 2020-07-31
text: 
This bill establishes through FY2025 a Community Advantage Loan Program under which the Small Business Administration (SBA) may guarantee loans made by covered institutions to small business concerns in underserved markets. 
 
Specifically, the bill provides statutory authority for the Community Advantage Pilot Program (CA) and includes women and minorities as eligible groups for CA loans in addition to the other categories that are currently eligible. The bill requires at least 60% of loans made by a covered institution under the program be made to small business concerns in underserved markets, and it allows the SBA to waive the $250,000 cap on loan sizes up to $350,000. The bill further requires the SBA to provide both in-person and online training and technical assistance that is free or low-cost for covered institutions making loans under the program.
 
The SBA must establish a working group to develop recommendations for the SBA to effectively manage, support, and promote the program and its mission.
 
Lastly, the bill requires the Government Accountability Office to report on program outcomes. 

action_date: 2020-12-03
text: 
This bill establishes through FY2025 a Community Advantage Loan Program under which the Small Business Administration (SBA) may guarantee loans made by covered institutions to small business concerns in underserved markets. 
 
Specifically, the bill provides statutory authority for the Community Advantage Pilot Program (CA) and includes women and minorities as eligible groups for CA loans in addition to the other categories that are currently eligible. The bill requires at least 75% of loans made by a covered institution under the program be made to small business concerns in underserved markets, and it allows the SBA to waive the $250,000 cap on loan sizes up to $350,000. The bill further requires the SBA to provide both in-person and online training and technical assistance that is free or low-cost for covered institutions making loans under the program.
 
The SBA must establish a working group to develop recommendations for the SBA to effectively manage, support, and promote the program and its mission.
 
Lastly, the bill requires the Government Accountability Office to report on program outcomes. 


Legislative actions:
action_date: 2020-12-07
text: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
action_date: 2020-12-03
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2020-12-03
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6068-6070)
action_date: 2020-12-03
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H6068-6070)
action_date: 2020-12-03
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 7903.
action_date: 2020-12-03
text: Considered under suspension of the rules. (consideration: CR H6068-6072)
action_date: 2020-12-03
text: Ms. Velazquez moved to suspend the rules and pass the bill, as amended.
action_date: 2020-09-16
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2020-09-16
text: Committee Consideration and Mark-up Session Held.
action_date: 2020-07-31
text: Referred to the House Committee on Small Business.
action_date: 2020-07-31
text: Introduced in House
action_date: 2020-07-31
text: Introduced in House