Help Small Businesses Access Affordable Credit Act

Bill: 114-s-2496
Sponsor: full_name: Sen. Coons, Christopher A. [D-DE]
Introduced: 2016-02-03
Policy area: Commerce
Subjects: Congressional oversight

Government lending and loan guarantees

Small business
Latest action: action_date: 2016-02-03
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2016-02-03
action_desc: Introduced in Senate
text: <p><b>Help Small Businesses Access Affordable Credit Act </b></p> <p>This bill amends the Small Business Act to authorize the Small Business Administration (SBA), if demand for commitments for authorized general business loans exceeds the limit on the total amount of commitments the SBA may make for such loans, to make such commitments up to 110% of that limit. </p> <p>The SBA may not exercise this authority until specified congressional committees have approved. </p>

tv_txt: II 114th CONGRESS 2d Session S. 2496 IN THE SENATE OF THE UNITED STATES February 3, 2016 Mr. Coons (for himself, Mr. Risch , and Mrs. Shaheen ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To provide flexibility for the Administrator of the Small Business Administration to increase the total amount of general business loans that may be guaranteed under section 7(a) of the Small Business Act.

1. Short title This Act may be cited as the Help Small Businesses Access Affordable Credit Act . 2. General business loans Section 20 of the Small Business Act ( 15 U.S.C. 631 note) is amended— (1) by redesignating subsection (j) as subsection (f); and (2) by adding at the end the following: (g) Authority To increase amount of general business loans (1) In general For fiscal year 2017, and each fiscal year thereafter, if the Administrator determines that the demand for commitments by the Administrator for general business loans authorized under section 7(a) for the fiscal year exceeds the limit on the total amount of commitments the Administrator may make for such loans under this Act, an appropriation Act, or any other provision of law, the Administrator may make commitments for such loans in a total amount equal to not more than 110 percent of such limit. (2) Approval required before exercising authority (A) In general Not later than 45 days before the date on which the Administrator intends to exercise the authority under paragraph (1), the Administrator shall submit notice of the intent of the Administrator to exercise the authority to— (i) the Committee on Small Business and Entrepreneurship and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the Senate; and (ii) the Committee on Small Business and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the House of Representatives. (B) Approval The Administrator may not exercise the authority under paragraph (1) unless the exercise of authority has been approved by the Committee on Appropriations of the Senate and the Committee on Appropriations of the House of Representatives. .