[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 822 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 822
To create a 3-year pilot program that makes small, non-profit child
care businesses eligible for SBA 504 loans.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 8, 2003
Mr. Kerry (for himself, Mr. Harkin, Ms. Landrieu, Mr. Pryor, Mr.
Lieberman, Mr. Daschle, Mr. Bingaman, and Mr. Johnson)
introduced the following bill; which was read twice and
referred to the Committee on Small Business and
EntrepreneurshipYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY
_______________________________________________________________________
A BILL
To create a 3-year pilot program that makes small, non-profit child
care businesses eligible for SBA 504 loans.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Child Care Lending Pilot Act of
2003''.
SEC. 2. CHILD CARE BUSINESS LOAN PROGRAM.
(a) Loans Authorized.--Section 502 of the Small Business Investment
Act of 1958 (15 U.S.C. 696) is amended--
(1) in the matter preceding paragraph (1)--
(A) by striking ``The Administration'' and
inserting the following:
``(a) Authorization.--The Administration'';
(B) by striking ``and such loans'' and inserting
``. Such loans'';
(C) by striking ``: Provided, however, That the
foregoing powers shall be subject to the following
restrictions and limitations:'' and inserting a period;
and
(D) by adding at the end the following:
``(b) Restrictions and Limitations.--The authority under subsection
(a) shall be subject to the following restrictions and limitations:'';
and
(2) in paragraph (1)--
(A) by inserting after ``Use of proceeds.--'' the
following:
``(A) In general.--''; and
(B) by adding at the end the following:
``(B) Loans to small, non-profit child care
businesses.--The proceeds of any loan described in
subsection (a) may be used by the borrower to assist,
in addition to other eligible small business concerns,
small, non-profit child care businesses, provided
that--
``(i) the loan will be used for a sound
business purpose that has been approved by the
Administration; and
``(ii) each such business receiving
financial assistance meets all of the same
eligibility requirements applicable to for-
profit businesses under this title, except for
status as a for-profit business.''.
(b) Reports.--
(1) Small business administration.--
(A) In general.--Not later than 6 months after the
date of enactment of this Act, and every 6 months
thereafter until September 30, 2006, the Administrator
of the Small Business Administration shall submit a
report on the implementation of the program under
subsection (a) to--
(i) the Committee on Small Business and
Entrepreneurship of the Senate; and
(ii) the Committee on Small Business of the
House of Representatives.
(B) Contents.--The report under subparagraph (A)
shall contain--
(i) the date on which the program is
implemented;
(ii) the date on which the rules are issued
pursuant to subsection (c); and
(iii) the number and dollar amount of loans
under the program applied for, approved, and
disbursed during the previous 6 months.
(2) General accounting office.--
(A) In general.--Not later than March 31, 2006, the
Comptroller General of the United States shall submit a
report on the child care small business loans
authorized by section 502(b)(1)(B) of the Small
Business Investment Act of 1958, as added by this Act,
to--
(i) the Committee on Small Business and
Entrepreneurship of the Senate; and
(ii) the Committee on Small Business of the
House of Representatives.
(B) Contents.--The report under subparagraph (A)
shall contain information gathered during the first 2
years of the loan program, including--
(i) an evaluation of the timeliness of the
implementation of the loan program;
(ii) a description of the effectiveness and
ease with which Certified Development
Companies, lenders, and small businesses have
participated in the loan program;
(iii) a description and assessment of how
the loan program was marketed;
(iv) the number of child care small
businesses, categorized by status as a for-
profit or non-profit business and a new
business or an expanded business, that--
(I) applied for loans under the
program;
(II) were approved for loans under
the program; and
(III) received loan disbursements
under the program.
(v) of the businesses under clause
(iv)(III)--
(I) the number of such businesses
in each State;
(II) the total amount loaned to
such businesses under the program; and
(III) the average loan amount and
term.
(c) Rulemaking Authority.--Not later than 120 days after the date
of enactment of this Act, the Administrator of the Small Business
Administration shall issue final rules to carry out the loan program
authorized by section 502(b)(1)(B) of the Small Business Investment Act
of 1958, as added by this Act.
(d) Sunset Provision.--The amendments made by this section shall
remain in effect until September 30, 2006, and shall apply to all loans
authorized by section 502(b)(1)(B) of the Small Business Investment Act
of 1958, as added by this Act, that are made during the period
beginning on the date of enactment of this Act and ending on September
30, 2006.
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