Transparency in Small Business Assistance Act

Bill: 114-s-115
Sponsor: full_name: Sen. Heller, Dean [R-NV]
Introduced: 2015-01-07
Policy area: Commerce
Subjects: Business education

Congressional oversight

Government information and archives

Government lending and loan guarantees

Small Business Administration

Small business
Latest action: action_date: 2015-01-07
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2015-01-07
action_desc: Introduced in Senate
text: <p><b>Transparency in Small Business Assistance Act</b></p> <p> Directs the Administrator of the Small Business Administration (SBA) to collect, for specified periods, information from small businesses that receive SBA assistance, including a loan, loan guarantee, grant, or counseling services.</p> <p>Requires such information to include: (1) the operational status of the small business and, if it is no longer operational, the reason for closure; (2) the number of part- and full-time employees; and (3) the number of referrals that SBA makes to another federal assistance program if it is unable to provide assistance to the business.</p>

tv_txt: II 114th CONGRESS 1st Session S. 115 IN THE SENATE OF THE UNITED STATES January 7, 2015 Mr. Heller introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To increase oversight of small business assistance programs provided by the Small Business Administration.

1. Short title This Act may be cited as the Transparency in Small Business Assistance Act . 2. Oversight of small business assistance programs (a) Definitions In this Act— (1) the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof, respectively; and (2) the term small business concern has the meaning given that term in section 3 of the Small Business Act ( 15 U.S.C. 632 ). (b) Oversight of small business assistance programs (1) In general The Administrator shall collect information from each small business concern that receives assistance from the Administration, including a loan, a loan guarantee, a grant, or counseling services. (2) Information to be collected The information collected under paragraph (1) shall include— (A) the operational status of each small business concern, to be collected 6 months after and 1 year after the date on which the small business concern receives assistance from the Administration; (B) if a small business concern is no longer operational, the reason for the closure of the small business concern; (C) the number of part-time employees and full-time employees that each small business concern employs, to be collected— (i) 6 months after the date on which the small business concern receives assistance from the Administration, and every 6 months thereafter, during the time the small business concern is receiving assistance from the Administration; and (ii) 6 months after and 1 year after the date on which the small business concern ceases to receive assistance from the Administration; and (D) if the Administration is unable to provide assistance to the small business concern, the number of referrals that the Administration makes to another assistance program within the Administration or to another Federal agency. (3) Report The Administration shall include the information collected under this subsection in the annual report required under section 10(a) of the Small Business Act ( 15 U.S.C. 639(a) ). (c) Effective date This Act shall take effect 1 year after the date of enactment of this Act.