Bring the Jobs Home Loan Act of 2016

Bill: 114-hr-6053
Sponsor: full_name: Rep. Israel, Steve [D-NY-3]
Introduced: 2016-09-15
Policy area: Commerce
Latest action: action_date: 2016-09-15
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2016-09-15
action_desc: Introduced in House
text: <p><b>Bring the Jobs Home Loan Act of 2016</b></p> <p>This bill amends the Small Business Act to direct the Small Business Administration (SBA) to establish a loan program to assist small business concerns involved in manufacturing to begin the U.S. production of products that would otherwise be imported.</p> <p>Small business concerns receiving these loans must report to the SBA on: (1) facility and equipment changes made using the loans, and (2) progress made in the production of products in the U.S. The bill allows the SBA to consider the report information in determining whether to provide an additional loan or loan assistance under another SBA program.</p> <p>It prohibits an individual loan greater than 5% of the total amount available for such loans.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 6053 IN THE HOUSE OF REPRESENTATIVES September 15, 2016 Mr. Israel introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to establish a loan program to assist and provide incentives for manufacturers to reinvest in making products in the United States, and for other purposes.

1. Short title This Act may be cited as the Bring the Jobs Home Loan Act of 2016 . 2. Small manufacturer domestic production loan program The Small Business Act ( 15 U.S.C. 631 et seq. ) is amended— (1) by redesignating section 47 as section 48; and (2) by inserting after section 46 the following: 47. Small manufacturer domestic production loan program (a) Establishment Not later than 180 days after the date of the enactment of this section, the Administrator shall establish a loan program to assist small business concerns described in subsection (b) to begin producing, in the United States, products that the concerns otherwise import. (b) Loan authority In carrying out the program established under subsection (a), the Administrator may make a loan to a small business concern involved in manufacturing (as determined by the Administrator) to assist the concern to make facility and equipment changes necessary for the concern to begin producing, in the United States, a product that the concern is importing from a foreign country at the time the loan is made. (c) Applications To be eligible for a loan under subsection (b), a small business concern shall submit to the Administrator an application at such time, in such form, and containing such information as the Administrator may require. (d) Reports (1) Requirement Not later than 2 years after a small business concern receives a loan under this section, the concern shall submit to the Administrator a report describing— (A) the facility and equipment changes made with loan funds; and (B) the progress made by the concern in producing, in the United States, a product that the concern was importing from a foreign country at the time the loan was made. (2) Use of reports Notwithstanding any other provision of law, the Administrator may consider the information submitted by a small business concern in a report under paragraph (1) in determining whether to provide to the concern— (A) an additional loan under this section; or (B) loan assistance under any other program of the Administration. (e) Limitation The Administrator may not make a loan under this section if the cost of the loan (as determined by the Administrator) is greater than 5 percent of the total amount made available to the Administrator for the cost of making loans under this section for the fiscal year in which the loan is made. .