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S.2869 - Small Business Job Creation and Access to Capital Act of 2009
A bill to increase loan limits for small business concerns, to provide for low interest refinancing for small business concerns, and for other purposes.
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|Introduced in Senate||2,038||n/a||n/a|
|Reported in Senate||3,277||9 Show Changes Hide Changes||48%|
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Ms. LANDRIEU (for herself and, Ms. SNOWE, Mr. KERRY, Mr. LIEBERMAN, Mrs. SHAHEEN, Mr. DORGAN, Mr. CASEY, Mr. PRYOR, Mr. BINGAMAN, Mr. BURRIS, Ms. KLOBUCHAR, Mr. LEVIN, Mrs. BOXER, Ms. STABENOW, Mr. BAYH, Mr. ISAKSON, Mrs. FEINSTEIN, Mr. CARDIN, Mr. JOHNSON, Mrs. LINCOLN, Mrs. MURRAY, Mr. JOHANNS, Mr. BENNET, Mrs. MCCASKILL, Mr. MERKLEY, Mr. SPECTER, Mr. UDALL of New Mexico, and Ms. CANTWELL) introduced the following bill; which was read twice and referred to the Committee on Small Business and EntrepreneurshipCommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
SEC. 101. SECTION 7(a) BUSINESS LOANS.
(2) in paragraph (3)(A), by striking ‘$1,500,000 (or if the gross loan amount would exceed $2,000,000’ and inserting ‘$4,500,000 (or if the gross loan amount would exceed $5,000,000’.CommentsClose CommentsPermalink
SEC. 102. MAXIMUM LOAN AMOUNTS UNDER 504 PROGRAM.
SEC. 103. MAXIMUM LOAN LIMITS UNDER MICROLOAN PROGRAM.
SEC. 104. TEMPORARY FEE REDUCTIONS.
Section 501 of the American Recovery and Reinvestment Act of 2009 (
SEC. 105. NEW MARKETS VENTURE CAPITAL COMPANY INVESTMENT LIMITATIONS.
‘(2) LIMITATION- Except to the extent approved by the Administrator, a covered New Markets Venture Capital company may not acquire or issue commitments for securities under this title for any single enterprise in an aggregate amount equal to more than 10 percent of the sum of--CommentsClose CommentsPermalink
SEC. 106. ALTERNATIVE SIZE STANDARDS.
‘(A) IN GENERAL- The Administrator shall establish an alternative size standard for applicants for business loans under section 7(a) and applicants for development company loans under title V of the Small Business Investment Act of 1958 (
et seq.), that uses maximum tangible net worth and average net income as an alternative to the use of industry standards.CommentsClose CommentsPermalink 15 U.S.C. 695
‘(B) INTERIM RULE- Until the date on which the alternative size standard established under subparagraph (A) is in effect, an applicant for a business loan under section 7(a) or an applicant for a development company loan under title V of the Small Business Investment Act of 1958 may be eligible for such a loan if--CommentsClose CommentsPermalink
‘(ii) the average net income after Federal income taxes (excluding any carry-over losses) of the applicant for the 2 full fiscal years before the date of the application is not more than $5,000,000.’.CommentsClose CommentsPermalink
SEC. 107. SALE OF 7(a) LOANS IN SECONDARY MARKET.
‘(6) If the amount of the guaranteed portion of any loan under section 7(a) is more than $500,000, the Administrator shall, upon request of a pool assembler, divide the loan guarantee into increments of $500,000 and 1 increment of any remaining amount less than $500,000, in order to permit the maximum amount of any loan in a pool to be not more than $500,000. Only 1 increment of any loan guarantee divided under this paragraph may be included in the same pool. Increments of loan guarantees to different borrowers that are divided under this paragraph may be included in the same pool.’.CommentsClose CommentsPermalink
SEC. 108. ONLINE LENDING PLATFORM.
SEC. 202. LOW-INTEREST REFINANCING UNDER THE LOCAL DEVELOPMENT BUSINESS LOAN PROGRAM.
‘(I) the amount of the financing is not more than 80 percent of the value of the collateral for the financing, except that, if the appraised value of the eligible fixed assets serving as collateral for the financing is less than the amount equal to 125 percent of the amount of the financing, the borrower may provide additional cash or other collateral to eliminate any deficiency;CommentsClose CommentsPermalink
‘(III) for a financing for which the Administrator determines there will be an additional cost attributable to the refinancing of the qualified debt, the borrower agrees to pay a fee in an amount equal to the anticipated additional cost.CommentsClose CommentsPermalink
‘(I) FINANCING FOR BUSINESS EXPENSES- The Administrator may provide financing to a borrower that receives financing that includes a refinancing of qualified debt under clause (ii), in addition to the refinancing under clause (ii), to be used solely for the payment of business expenses.CommentsClose CommentsPermalink
‘(aa) IN GENERAL- The Administrator may provide financing under this subparagraph for a borrower that meets the job creation goals under subsection (d) or (e) of section 501.CommentsClose CommentsPermalink
‘(bb) ALTERNATE JOB RETENTION GOAL- The Administrator may provide financing under this subparagraph to a borrower that does not meet the goals described in item (aa) in an amount that is not more than the product obtained by multiplying the number of employees of the borrower by $65,000.CommentsClose CommentsPermalink
‘(v) NONDELEGATION- Notwithstanding section 508(e), the Administrator may not permit a premier certified lender to approve or disapprove an application for assistance under this subparagraph.CommentsClose CommentsPermalink
(b) Prospective Repeal- Effective 2 years after the date of enactment of this Act, section 502(7) of the Small Business Investment Act of 1958 (
) is amended by striking subparagraph (C).CommentsClose CommentsPermalink 15 U.S.C. 696(7)
(c) Technical Correction- Section 502(2)(A)(i) of the Small Business Investment Act of 1958 (
) is amended by striking ‘subparagraph (B) or (C)’ and inserting ‘clause (ii), (iii), (iv), or (v)’.CommentsClose CommentsPermalink 15 U.S.C. 696(2)(A)(i)
SEC. 301. SMALL BUSINESS INTERMEDIARY LENDING PILOT PROGRAM.
‘(2) ESTABLISHMENT- There is established a 3-year small business intermediary lending pilot program, under which the Administrator may make direct loans to eligible intermediaries, for the purpose of making loans to startup, newly established, and growing small business concerns. CommentsClose CommentsPermalink
‘(B) to establish a loan program under which the Administrator may provide loans to eligible intermediaries to enable the eligible intermediaries to provide loans to startup, newly established, and growing small business concerns for working capital, real estate, or the acquisition of materials, supplies, or equipment. CommentsClose CommentsPermalink
‘(B) LOAN LIMITS- No loan may be made to an eligible intermediary under this subsection if the total amount outstanding and committed to the eligible intermediary by the Administrator would, as a result of such loan, exceed $1,000,000 during the participation of the eligible intermediary in the Program. CommentsClose CommentsPermalink
‘(F) DELAYED PAYMENTS- The Administrator shall not require the repayment of principal or interest on a loan made to an eligible intermediary under the Program during the 2-year period beginning on the date of the initial disbursement of funds under that loan. CommentsClose CommentsPermalink
‘(A) IN GENERAL- The Administrator, through an eligible intermediary, shall make loans to startup, newly established, and growing small business concerns for working capital, real estate, and the acquisition of materials, supplies, furniture, fixtures, and equipment. CommentsClose CommentsPermalink
‘(C) APPLICABLE INTEREST RATES- A loan made by an eligible intermediary to a small business concern under this subsection, may have a fixed or a variable interest rate, and shall bear an interest rate specified by the eligible intermediary in the application of the eligible intermediary for a loan under this subsection. CommentsClose CommentsPermalink
‘(D) REVIEW RESTRICTIONS- The Administrator may not review individual loans made by an eligible intermediary to a small business concern before approval of the loan by the eligible intermediary. CommentsClose CommentsPermalink
‘(6) TERMINATION- The authority of the Administrator to make loans under the Program shall terminate 3 years after the date of enactment of the Small Business Job Creation and Access to Capital Act of 2009.’. CommentsClose CommentsPermalink
(b) Rulemaking Authority- Not later than 180 days after the date of enactment of this Act, the Administrator shall issue regulations to carry out section 7(l) of the Small Business Act, as amended by subsection (a). CommentsClose CommentsPermalink
(c) Availability of Funds- Any amounts provided to the Administrator for the purposes of carrying out section 7(l) of the Small Business Act, as amended by subsection (a), shall remain available until expended. CommentsClose CommentsPermalink
SEC. 302. PROHIBITION ON USING TARP FUNDS OR TAX INCREASES.
(a) In General- Except as provided in subsection (b), nothing in this Act or the amendments made by this Act shall be construed to limit the ability of Congress to appropriate funds. CommentsClose CommentsPermalink
(A) the amounts made available to the Secretary of the Treasury under title I of the Emergency Economic Stabilization Act of 2008 (
(B) any revenue increase attributable to any amendment to the Internal Revenue Code of 1986 made during the period beginning on the date of enactment of this Act and ending on December 31, 2010. CommentsClose CommentsPermalink