H.R.7903 – 116th Congress (2019-2020): To amend the Small Business Act to establish the Community Advantage Loan Program.
Here are the steps for Status of Legislation:
|Sponsor:||Rep. Chu, Judy [D-CA-27] (Introduced 07/31/2020)|
|Committees:||House – Small Business|
|Latest Action:||House – 09/16/2020 Ordered to be Reported (Amended) by Voice Vote. (All Actions)|
This bill has the status Introduced
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 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.
- Passed House
- Passed Senate
- To President
- Became Law
Subject — Policy Area:
Summary: H.R.7903 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (07/31/2020)
This bill 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.
Lastly, the bill requires the Government Accountability Office to report on program outcomes.
The SBA must establish a working group to develop recommendations for the SBA to effectively manage, support, and promote the program and its mission.