Small Business Opportunity Acceleration Act of 2013

Bill: 113-hr-2462
Sponsor: full_name: Rep. Hahn, Janice [D-CA-44]
Introduced: 2013-06-20
Policy area: Commerce
Subjects: Government lending and loan guarantees

Small business

User charges and fees
Latest action: action_date: 2013-06-20
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2013-06-20
action_desc: Introduced in House
text: <p>Small Business Opportunity Acceleration Act of 2013 - Amends the Small Business Act to eliminate loan guarantee fees for certain small business loans that total $150,000 or less. (Currently, the Small Business Administration [SBA] is required to collect a guarantee fee, which is payable by the participating lender, and may be charged to the borrower, of up to 2% of the deferred participation share of a such a total loan amount that is $150,000 or less.)</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 2462 IN THE HOUSE OF REPRESENTATIVES June 20, 2013 Ms. Hahn introduced the following bill; which was referred to the Committee on Small Business A BILL To amend subsection (a) of section 7 of the Small Business Act to eliminate guarantee fees for loans guaranteed under that subsection where the total loan amount is not more than $150,000.

1. Short title This Act may be cited as the Small Business Opportunity Acceleration Act of 2013 . 2. Elimination of guarantee fees for loans with total loan amounts not more than $150,000 Section 7(a)(18)(A) of the Small Business Act is amended— (1) in subparagraph (A)— (A) by striking With respect and inserting Except as otherwise provided in this paragraph, with respect ; and (B) by striking clause (i); (2) by striking subparagraph (B); and (3) by adding at the end the following: (C) No guarantee fees for certain loans No guarantee fee shall be collected, payable, or charged under this paragraph if the total loan amount is not more than $150,000. .