US SB2361 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on July 31 2019 - 25% progression, died in committee
Action: 2019-07-31 - Read twice and referred to the Committee on Small Business and Entrepreneurship. (Sponsor introductory remarks on measure: CR S5253)
Pending: Senate Small Business And Entrepreneurship Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 31 2019 - 25% progression, died in committee
Action: 2019-07-31 - Read twice and referred to the Committee on Small Business and Entrepreneurship. (Sponsor introductory remarks on measure: CR S5253)
Pending: Senate Small Business And Entrepreneurship Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Establishes 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 makes the Community Advantage Pilot Program (CA) permanent 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 60% 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.
Title
Closing the Credit Gap Act
Sponsors
Sen. Benjamin Cardin [D-MD] |
History
Date | Chamber | Action |
---|---|---|
2019-07-31 | Senate | Read twice and referred to the Committee on Small Business and Entrepreneurship. (Sponsor introductory remarks on measure: CR S5253) |
Same As/Similar To
HB7903 (Related) 2020-12-07 - Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Subjects
Bank accounts, deposits, capital
Banking and financial institutions regulation
Commerce
Congressional oversight
Economic development
Economic performance and conditions
Government information and archives
Government lending and loan guarantees
Government studies and investigations
Interest, dividends, interest rates
Minority and disadvantaged businesses
Performance measurement
Public-private cooperation
Rural conditions and development
Small business
Small Business Administration
Banking and financial institutions regulation
Commerce
Congressional oversight
Economic development
Economic performance and conditions
Government information and archives
Government lending and loan guarantees
Government studies and investigations
Interest, dividends, interest rates
Minority and disadvantaged businesses
Performance measurement
Public-private cooperation
Rural conditions and development
Small business
Small Business Administration
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/2361/all-info |
Text | https://www.congress.gov/116/bills/s2361/BILLS-116s2361is.pdf |