H.R.4598 - Express Loans Improvements Act of 2010

To amend the Small Business Act to improve the Express Loan Program, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend the Small Business Act to improve the Express Loan Program, and for other purposes. as introduced.
  • Short: Express Loans Improvements Act of 2010 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/04/10
 
 
 
 
 
 
 

Official Summary

Express Loans Improvements Act of 2009 - Amends provisions of the Small Business Act relating to the Express Loan Program (Program) to: (1) increase (for a two-year period) from 50% to 75% the maximum percentage of Program loans that may be guaranteed by the Small Business Administration (S

Official Summary

Express Loans Improvements Act of 2009 - Amends provisions of the Small Business Act relating to the Express Loan Program (Program) to:
(1) increase (for a two-year period) from 50% to 75% the maximum percentage of Program loans that may be guaranteed by the Small Business Administration (SBA);
(2) make such percentage 60% after such two-year period; and
(3) increase from $350,000 to $1 million the maximum Program loan amount. Directs the SBA Administrator to:
(1) issue regulations with respect to Program loan and lender eligibility and collateral requirements that minimize federal risk of loss; and
(2) report annually to the congressional small business committees describing Program implementation, including actions taken to reduce default rates.

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