S.Amdt. 3345

SA 3345. Ms. LANDRIEU submitted an amendment intended to be proposed
to amendment SA 3336 proposed by Mr. Baucus to the bill H.R. 4213, to
amend the Internal Revenue Code of 1986 to extend certain expiring
provisions, and for other purposes; which was ordered to lie on the
table; as follows:

At the end, add the following:

TITLE VIII--SMALL BUSINESS LOANS

SEC. 801. SHORT TITLE.

This title may be cited as the ``Small Business Job
Creation and Access to Capital Act of 2010''.

Subtitle A--Next Steps for Main Street Credit Availability

SEC. 821. SECTION 7(A) BUSINESS LOANS.

(a) Amendment.--Section 7(a) of the Small Business Act (15
U.S.C. 636(a)) is amended--
(1) in paragraph (2)(A)--
(A) in clause (i), by striking ``75 percent'' and inserting
``90 percent''; and
(B) in clause (ii), by striking ``85 percent'' and
inserting ``90 percent''; and
(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''.
(b) Prospective Repeal.--Effective January 1, 2011, section
7(a) of the Small Business Act (15 U.S.C. 636(a)) is
amended--
(1) in paragraph (2)(A)--
(A) in clause (i), by striking ``90 percent'' and inserting
``75 percent''; and
(B) in clause (ii), by striking ``90 percent'' and
inserting ``85 percent''; and
(2) in paragraph (3)(A), by striking ``$4,500,000'' and
inserting ``$3,750,000''.

SEC. 822. MAXIMUM LOAN AMOUNTS UNDER 504 PROGRAM.

Section 502(2)(A) of the Small Business Investment Act of
1958 (15 U.S.C. 696(2)(A)) is amended--
(1) in clause (i), by striking ``$1,500,000'' and inserting
``$5,000,000'';
(2) in clause (ii), by striking ``$2,000,000'' and
inserting ``$5,000,000'';
(3) in clause (iii), by striking ``$4,000,000'' and
inserting ``$5,500,000'';
(4) in clause (iv), by striking ``$4,000,000'' and
inserting ``$5,500,000''; and
(5) in clause (v), by striking ``$4,000,000'' and inserting
``$5,500,000''.

SEC. 823. MAXIMUM LOAN LIMITS UNDER MICROLOAN PROGRAM.

Section 7(m) of the Small Business Act (15 U.S.C. 636(m))
is amended--
(1) in paragraph (1)(B)(iii), by striking ``$35,000'' and
inserting ``$50,000'';
(2) in paragraph (3)--
(A) in subparagraph (C), by striking ``$3,500,000'' and
inserting ``$5,000,000''; and
(B) in subparagraph (E), by striking ``$35,000'' each place
that term appears and inserting ``$50,000''; and
(3) in paragraph (11)(B), by striking ``$35,000'' and
inserting ``$50,000''.

SEC. 824. NEW MARKETS VENTURE CAPITAL COMPANY INVESTMENT
LIMITATIONS.

Section 355 of the Small Business Investment Act of 1958
(15 U.S.C. 689d) is amended by adding at the end the
following:
``(e) Investment Limitations.--
``(1) Definition.--In this subsection, the term `covered
New Markets Venture Capital company' means a New Markets
Venture Capital company--
``(A) granted final approval by the Administrator under
section 354(e) on or after March 1, 2002; and
``(B) that has obtained a financing from the Administrator.
``(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--
``(A) the regulatory capital of the covered New Markets
Venture Capital company; and
``(B) the total amount of leverage projected in the
participation agreement of the covered New Markets Venture
Capital.''.

SEC. 825. ALTERNATIVE SIZE STANDARDS.

Section 3(a) of the Small Business Act (15 U.S.C. 632(a))
is amended by adding at the end the following:
``(5) Alternative Size Standard.--
``(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 (15 U.S.C. 695 et seq.), that uses maximum tangible net
worth and average net income as an alternative to the use of
industry standards.
``(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--
``(i) the maximum tangible net worth of the applicant is
not more than $15,000,000; and
``(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.''.

SEC. 826. SALE OF 7(A) LOANS IN SECONDARY MARKET.

Section 5(g) of the Small Business Act (15 U.S.C. 634(g))
is amended by adding at the end the following:
``(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.''.

SEC. 827. ONLINE LENDING PLATFORM.

It is the sense of Congress that the Administrator of the
Small Business Administration should establish a website
that--
(1) lists each lender that makes loans guaranteed by the
Small Business Administration and provides information about
the loan rates of each such lender; and
(2) allows prospective borrowers to compare rates on loans
guaranteed by the Small Business Administration.

Subtitle B--Small Business Access to Capital

SEC. 841. LOW-INTEREST REFINANCING UNDER THE LOCAL
DEVELOPMENT BUSINESS LOAN PROGRAM.

(a) Refinancing.--Section 502(7) of the Small Business
Investment Act of 1958 (15 U.S.C. 696(7)) is amended by
adding at the end the following:
``(C) Refinancing not involving expansions.--
``(i) Definitions.--In this subparagraph--

``(I) the term `borrower' means a small business concern
that submits an application to a development company for
financing under this subparagraph;
``(II) the term `eligible fixed asset' means tangible
property relating to which the Administrator may provide
financing under this section; and
``(III) the term `qualified debt' means indebtedness--

``(aa) that--
``(AA) was incurred not less than 2 years before the date
of the application for assistance under this subparagraph;
``(BB) is a commercial loan;
``(CC) is not subject to a guarantee by a Federal agency;
``(DD) the proceeds of which were used to acquire an
eligible fixed asset;
``(EE) was incurred for the benefit of the small business
concern; and
``(FF) is collateralized by eligible fixed assets; and
``(bb) for which the borrower has been current on all
payments for not less than 1 year before the date of the
application.
``(ii) Authority.--A project that does not involve the
expansion of a small business concern may include the
refinancing of qualified debt if--

``(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;
``(II) the borrower has been in operation for all of the 2-
year period ending on the date of the loan; and
``(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.

``(iii) Financing for business expenses.--

``(I) Financing for business expenses.--The Administrator
may provide financing to a borrower that receives financing
that includes a refinancing of qualified debt under

[[Page S895]]

clause (ii), in addition to the refinancing under clause
(ii), to be used solely for the payment of business expenses.
``(II) Application for financing.--An application for
financing under subclause (I) shall include--

``(aa) a specific description of the expenses for which the
additional financing is requested; and
``(bb) an itemization of the amount of each expense.

``(III) Condition on additional financing.--A borrower may
not use any part of the financing under this clause for non-
business purposes.

``(iv) Loans based on jobs.--

``(I) Job creation and retention goals.--

``(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.
``(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.

``(II) Number of employees.--For purposes of subclause (I),
the number of employees of a borrower is equal to the sum
of--

``(aa) the number of full-time employees of the borrower on
the date on which the borrower applies for a loan under this
subparagraph; and
``(bb) the product obtained by multiplying--
``(AA) the number of part-time employees of the borrower on
the date on which the borrower applies for a loan under this
subparagraph; by
``(BB) the quotient obtained by dividing the average number
of hours each part time employee of the borrower works each
week by 40.
``(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.
``(vi) Total amount of loans.--The Administrator may
provide not more than a total of $4,000,000,000 of financing
under this subparagraph for each fiscal year.''.
(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 (15 U.S.C. 696(7)) is amended
by striking subparagraph (C).
(c) Technical Correction.--Section 502(2)(A)(i) of the
Small Business Investment Act of 1958 (15 U.S.C.
696(2)(A)(i)) is amended by striking ``subparagraph (B) or
(C)'' and inserting ``clause (ii), (iii), (iv), or (v)''.

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