Protecting Access to Credit for Small Businesses Act

Bill: 117-s-3382
Sponsor: full_name: Sen. Scott, Tim [R-SC]
Introduced: 2021-12-14
Policy area: Commerce
Latest action: action_date: 2021-12-14
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2021-12-14
action_desc: Introduced in Senate
text: <p><b>Protecting Access to Credit for Small Businesses Act</b></p> <p>This bill prohibits the Small Business Administration from directly making a loan under the 7(a) Program, which authorizes loans and loan guaranties to small businesses that meet certain requirements.</p>

tv_txt: II 117th CONGRESS 1st Session S. 3382 IN THE SENATE OF THE UNITED STATES December 14, 2021 Mr. Scott of South Carolina (for himself, Mr. Kennedy , Mr. Toomey , Mr. Paul , Mr. Thune , Mr. Risch , Mr. Crapo , Mr. Inhofe , Mr. Barrasso , Mr. Marshall , Mr. Daines , Mr. Tillis , Mr. Cramer , Mr. Lankford , Mr. Cornyn , Mr. Moran , Mr. Cassidy , Mr. Boozman , Mr. Rounds , and Mr. Scott of Florida ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To prohibit the Administrator of the Small Business Administration from directly making loans under the 7(a) loan program, and for other purposes.

1. Short title This Act may be cited as the Protecting Access to Credit for Small Businesses Act . 2. Prohibition on direct 7(a) loans (a) In general Notwithstanding any provision of subsection (a) of section 7 of the Small Business Act ( 15 U.S.C. 636(a) ), the Administrator of the Small Business Administration may not directly make a loan pursuant to such subsection. (b) Existing loans The Administrator of the Small Business Administration shall service a direct loan made under section 7(a) of the Small Business Act ( 15 U.S.C. 636(b) ) if such loan was made before the date of the enactment of this Act.