US Congress Senate Bill 2361 (Prior Session Legislation)

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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]

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.

Closing the Credit Gap Act

Sen. Benjamin Cardin [D-MD]

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)

HB7903 (Related) 2020-12-07 - Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

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