American Small Business Competition Act of 2022

Bill: 117-s-3682
Sponsor: full_name: Sen. Ernst, Joni [R-IA]
Introduced: 2022-02-17
Policy area: Commerce
Latest action: action_date: 2022-02-17
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2022-02-17
action_desc: Introduced in Senate
text: <p><strong>American Small Business Competition Act of 2022</strong></p> <p>This bill increases the maximum loan amounts available for small businesses principally engaged in agriculture, manufacturing, or the production of certain technologies. It also requires the Small Business Administration to report about the effect of inflation and supply chain disruption on the cost to small businesses of accessing capital.</p>

tv_txt: II 117th CONGRESS 2d Session S. 3682 IN THE SENATE OF THE UNITED STATES February 17, 2022 Ms. Ernst introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To increase the loan limits under the business loan program and the 504 loan program of the Small Business Administration for businesses principally engaged in agriculture, manufacturing, or production of critical and emerging technologies, and for other purposes.

1. Short title This Act may be cited as the American Small Business Competition Act of 2022 . 2. Loan limits (a) Business loan program Section 7(a)(3) of the Small Business Act ( 15 U.S.C. 636(a)(3) ) is amended— (1) in subparagraph (A), by striking subparagraph (B) and inserting subparagraphs (B) and (C) ; (2) in subparagraph (B), by striking and at the end; (3) by redesignating subparagraph (C) as subparagraph (D); and (4) by inserting after subparagraph (B) the following: (C) if the total amount outstanding and committed (by participation or otherwise) to the borrower from the business loan and investment fund established by this Act would exceed $7,500,000 (or if the gross loan amount would exceed $10,000,000), for a small business concern— (i) that is principally engaged in agriculture, manufacturing, or production of a technology listed on the Critical and Emerging Technologies List issued by the National Security Council, or any successor thereto; (ii) for which the headquarters of the small business concern is located in the United States; and (iii) that includes in the application of the small business concern for the loan under this subsection information regarding any foreign individual or entity that owns not less than 5 percent of the small business concern; and . (b) 504 loan program Section 502(2)(A) of the Small Business Investment Act of 1958 ( 15 U.S.C. 696(2)(A) ) is amended— (1) in clause (i), by striking or (v) and inserting (v), or (vi) ; (2) in clause (iv), by striking and at the end; (3) in clause (v), by striking the period at the end and inserting ; and ; and (4) by adding at the end the following: (vi) $10,000,000 for each project of a small business concern principally engaged in agriculture, manufacturing, or production of a technology listed on the Critical and Emerging Technologies List issued by the National Security Council, or any successor thereto. . 3. Report regarding access to capital for small businesses Not later than 1 year after the date of enactment of this Act, the Administrator of the Small Business Administration shall submit to Congress a report that— (1) provides a description of the effect of inflation and supply chain disruption during the 3-year period ending on the date of enactment of this Act on the cost to small business concerns (as defined under section 3 of the Small Business Act ( 15 U.S.C. 636 )) of obtaining access to capital, disaggregated by industry; and (2) makes recommendations, in partnership with the Office of Advocacy of the Small Business Administration, on how to support access to capital for small business concerns involved in domestic manufacturing, agriculture, and production of technologies listed on the Critical and Emerging Technologies List issued by the National Security Council, or any successor thereto.