Small Business Lending Assistance Act of 2016

Bill: 114-hr-5029
Sponsor: full_name: Rep. Aguilar, Pete [D-CA-31]
Introduced: 2016-04-21
Policy area: Commerce
Subjects: Government lending and loan guarantees

Small business

Unemployment

User charges and fees
Latest action: action_date: 2016-04-21
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2016-04-21
action_desc: Introduced in House
text: <p><b>Small Business Lending Assistance Act of 2016</b></p> <p>This bill amends the Small Business Act with respect to guarantee fees for small business loans.</p> <p>The Small Business Administration (SBA) shall have discretion not to collect a guarantee fee for a loan repayable in one year or less.</p> <p>The SBA may not, however, collect a guarantee fee in connection with a loan repayable in one year or less if it is made to a borrower that resides in a county with an annual unemployment rate for the preceding calendar year of at least one percentage point greater than the national annual unemployment rate for that year.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5029 IN THE HOUSE OF REPRESENTATIVES April 21, 2016 Mr. Aguilar introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to clarify certain guarantee fees for loans repayable in 1 year or less.

1. Short title This Act may be cited as the Small Business Lending Assistance Act of 2016 . 2. Guarantee fees for loans repayable in 1 year or less (a) Guarantee fees Section 7(a)(18) of the Small Business Act ( 15 U.S.C. 636(a)(18) ) is amended— (1) in subparagraph (A), by striking With respect to each loan guaranteed under this subsection (other than a loan that is repayable in 1 year or less) and inserting Except as provided in subparagraph (B), with respect to a loan guaranteed under this subsection ; (2) by redesignating subparagraph (B) as subparagraph (C); and (3) by inserting after subparagraph (A) the following new subparagraph: (B) Exceptions (i) Discretionary guarantee fee With respect to a loan that is repayable in 1 year or less, the Administrator has the discretion to not collect a guarantee fee. (ii) No guarantee fee The Administrator may not collect a guarantee fee in connection with a loan that is— (I) made to a borrower that resides in a county with an annual unemployment rate for the preceding calendar year of at least one percentage point greater than the national annual unemployment rate for the preceding calendar year (as determined by the Bureau of Labor Statistics); and (II) repayable in 1 year or less. . (b) Authorization of appropriations There is authorized to be appropriated to the Administrator of the Small Business Administration such sums as would be available to the Administrator but for subparagraph (B) of section 7(a)(18) of the Small Business Act ( 15 U.S.C. 636(a)(18) ).