II
111th CONGRESS
1st Session
S. 1615
IN THE SENATE OF THE UNITED STATES
August 6, 2009
Ms. Snowe introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship
A BILL
To amend the Small Business Act and the Small Business Investment Act of 1958 to stop the small business credit crunch, and for other purposes.
Short title
This Act may be cited as
the Next Step for Main Street Credit
Availability Act of 2009
.
Maximum amounts for 7(a) loans
Section 7(a)(3)(A) of the Small Business Act
(15 U.S.C. 636(a)(3)(A)) is amended by striking $1,500,000 (or if the
gross loan amount would exceed $2,000,000
and inserting
$4,000,000 (or if the gross loan amount would exceed
$5,000,000
.
Refinancing Existing 7(a) Loans
In General
Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended by adding at the end the following:
Refinancing existing loans
A borrower that has received a loan under this subsection may refinance the balance of the loan by applying for a loan from the lender that made the original loan or with another lender.
.
Technical amendment
Section 7(a) of the Small Business Act (15 U.S.C.
636(a)) is amended by striking (32)
Increased
and inserting (33)
Increased
.
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—
in clause (i), by striking
$1,500,000
and inserting $4,000,000
;
in clause (ii),
by striking $2,000,000
and inserting $5,000,000
;
and
in clause (iii),
by striking $4,000,000
and inserting
$5,500,000
.
Maximum loan limits under microloan program
Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is amended—
in paragraph (1)(B)(iii), by striking
$35,000
and inserting $50,000
;
in paragraph
(3)(E), by striking $35,000
each place it appears and inserting
$50,000
; and
in paragraph
(11)(B), by striking $35,000
and inserting
$50,000
.
Online lending platform
It is the sense of the Congress that the Administrator of the Small Business Administration should establish a website that—
lists each lender that makes loans guaranteed by the Small Business Administration and provides information about the loan rate of each such lender; and
allows prospective borrowers—
to compare rates on loans guaranteed by the Small Business Administration; and
to apply online for loans guaranteed by the Small Business Administration.