LIONs Act of 2024

Bill: 118-hr-9176
Sponsor: full_name: Rep. Thanedar, Shri [D-MI-13]
Introduced: 2024-07-25
Policy area: Commerce
Latest action: action_date: 2024-07-25
text: Referred to the House Committee on Small Business.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9176 IN THE HOUSE OF REPRESENTATIVES July 25, 2024 Mr. Thanedar (for himself, Mr. Alford , and Mr. Krishnamoorthi ) introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to increase the maximum loan amount for a loan made under section 7(a) of such Act.

1. Short title This Act may be cited as the Loans In Our Neighborhoods Act of 2024 or the LIONs Act of 2024 . 2. Maximum loan amount for a 7 (a) loan Section 7(a)(3)(A) of the Small Business Act ( 15 U.S.C. 636(a)(3)(A) ) is amended by striking $3,750,000 (or if the gross loan amount would exceed $5,000,000) and inserting $7,500,000 (or if the gross loan amount would exceed $10,000,000) .