CREED Act of 2015

Bill: 114-s-966
Sponsor: full_name: Sen. Shaheen, Jeanne [D-NH]
Introduced: 2015-04-15
Policy area: Commerce
Subjects: Government lending and loan guarantees

Small business
Latest action: action_date: 2016-05-26
text: By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report. Report No. 114-266.

Summaries:
action_date: 2015-04-15
action_desc: Introduced in Senate
text: <p><b>Commercial Real Estate and Economic Development Act of 2015 or the CREED Act of 2015</b></p> <p> Reinstates for a five-year period beginning on the enactment of this Act the authority for Small Business Administration (SBA) low-interest refinancing of small business debt not involving business expansion under the SBA's local development business loan program.</p> <p>Repeals a provision of the Small Business Jobs Act of 2010 which terminated such authority as of September 27, 2012.</p>

action_date: 2015-06-10
action_desc: Reported to Senate with amendment(s)
text: <p><b>Commercial Real Estate and Economic Development Act of 201</b><b>5</b><b> or </b><b>the</b><b> CREED Act of 201</b><b>5</b></p> <p> (Sec. 2) Reinstates the authority for Small Business Administration (SBA) low-interest refinancing of small business debt not involving business expansion under the SBA's local development business loan program, effective:</p> <ul> <li>on and after enactment of this Act, and</li> <li>during any fiscal year in which the federal government's cost in making loan guarantees under such program is zero.</li> </ul> <p>Repeals a provision of the Small Business Jobs Act of 2010 that terminated such authority as of September 27, 2012.</p>

tv_txt: II 114th CONGRESS 1st Session S. 966 IN THE SENATE OF THE UNITED STATES April 15, 2015 Mrs. Shaheen (for herself and Mr. Isakson ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To extend the low-interest refinancing provisions under the Local Development Business Loan Program of the Small Business Administration.

1. Short title This Act may be cited as the “ Commercial Real Estate and Economic Development Act of 2015 ” or the CREED Act of 2015 . 2. Low-interest refinancing under the Local Development Business Loan Program (a) Repeal Section 1122(b) of the Small Business Jobs Act of 2010 ( 15 U.S.C. 696 note) is repealed. (b) Restoration of low-Interest refinancing provision Subparagraph (C) of section 502(7) of the Small Business Investment Act of 1958 ( 15 U.S.C. 696(7) ) (relating to refinancing not involving expansions), as in effect on September 25, 2012, shall be in effect during the period beginning on the date of enactment of this Act and ending 5 years after that date of enactment.

tv_txt: II Calendar No. 107 114th CONGRESS 1st Session S. 966 IN THE SENATE OF THE UNITED STATES April 15, 2015 Mrs. Shaheen (for herself, Mr. Isakson , Ms. Cantwell , Ms. Ayotte , Mrs. Fischer , Ms. Hirono , Mr. Coons , and Mr. Franken ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship June 10, 2015 Reported by Mr. Vitter , with an amendment Strike out all after the enacting clause and insert the part printed in italic A BILL To extend the low-interest refinancing provisions under the Local Development Business Loan Program of the Small Business Administration.

1. Short title This Act may be cited as the “ Commercial Real Estate and Economic Development Act of 2015 ” or the CREED Act of 2015 . 2. Low-interest refinancing under the Local Development Business Loan Program (a) Repeal Section 1122(b) of the Small Business Jobs Act of 2010 ( 15 U.S.C. 696 note) is repealed. (b) Restoration of low-Interest refinancing provision Subparagraph (C) of section 502(7) of the Small Business Investment Act of 1958 ( 15 U.S.C. 696(7) ) (relating to refinancing not involving expansions), as in effect on September 25, 2012, shall be in effect during the period beginning on the date of enactment of this Act and ending 5 years after that date of enactment.

1. Short title This Act may be cited as the “ Commercial Real Estate and Economic Development Act of 2015 ” or the CREED Act of 2015 . 2. Low-interest refinancing under the Local Development Business Loan Program (a) Repeal Section 1122(b) of the Small Business Jobs Act of 2010 ( 15 U.S.C. 696 note) is repealed. (b) Restoration of low-Interest refinancing provision Subparagraph (C) of section 502(7) of the Small Business Investment Act of 1958 ( 15 U.S.C. 696(7) ) (relating to refinancing not involving expansions), as in effect on September 25, 2012, shall be in effect on and after the date of enactment of this Act, in any fiscal year during which the cost to the Federal Government of making guarantees under section 502 of the Small Business Investment Act of 1958 is zero.

June 10, 2015 Reported with an amendment