US Congress House Bill 7903 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Engrossed on December 7 2020 - 50% progression, died in committee
Action: 2020-12-07 - Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Pending: Senate Small Business And Entrepreneurship Committee
Text: Latest bill text (Engrossed) [PDF]

Establishes through FY2025 a Community Advantage Loan Program under which the Small Business Administration (SBA) may guarantee loans made by covered institutions to small business concerns in underserved markets. Specifically, the bill provides statutory authority for the Community Advantage Pilot Program (CA) and includes women and minorities as eligible groups for CA loans in addition to the other categories that are currently eligible. The bill requires at least 75% of loans made by a covered institution under the program be made to small business concerns in underserved markets, and it allows the SBA to waive the $250,000 cap on loan sizes up to $350,000. The bill further requires the SBA to provide both in-person and online training and technical assistance that is free or low-cost for covered institutions making loans under the program. The SBA must establish a working group to develop recommendations for the SBA to effectively manage, support, and promote the program and its mission. Lastly, the bill requires the Government Accountability Office to report on program outcomes.

To amend the Small Business Act to establish the Community Advantage Loan Program.

Rep. Judy Chu [D-CA]

Rep. Ross Spano [R-FL]

Rep. Dean Phillips [D-MN]

Rep. Nicholas Taylor [R-TX]

Date	Chamber	Action
2020-12-07	Senate	Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
2020-12-03	House	Motion to reconsider laid on the table Agreed to without objection.
2020-12-03	House	On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6068-6070)
2020-12-03	House	DEBATE - The House proceeded with forty minutes of debate on H.R. 7903.
2020-12-03	House	Considered under suspension of the rules. (consideration: CR H6068-6072)
2020-12-03	House	Ms. Velazquez moved to suspend the rules and pass the bill, as amended.
2020-09-16	House	Ordered to be Reported (Amended) by Voice Vote.
2020-09-16	House	Committee Consideration and Mark-up Session Held.
2020-07-31	House	Referred to the House Committee on Small Business.
2020-07-31	House	Introduced in House

SB2361 (Related) 2019-07-31 - Read twice and referred to the Committee on Small Business and Entrepreneurship. (Sponsor introductory remarks on measure: CR S5253)

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/7903/all-info
Text	https://www.congress.gov/116/bills/hr7903/BILLS-116hr7903ih.pdf
Text	https://www.congress.gov/116/bills/hr7903/BILLS-116hr7903eh.pdf