II
111th CONGRESS
1st Session
S. 2918
IN THE SENATE OF THE UNITED STATES
December 21 (legislative day, December 20), 2009
Mr. Specter introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To make improvements to certain loan programs under the Small Business Act and the Small Business Investment Act of 1958, and for other purposes.
Short title
This Act may be cited as
the Helping Small Business Succeed Act
of 2009
.
Maximum loan amounts under 7(a) program
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
$4,875,000 (or if the gross loan amount would exceed
$5,000,000
.
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
;
in clause (iii),
by striking $4,000,000
and inserting
$5,500,000
;
in clause (iv),
by striking $4,000,000
and inserting $5,500,000
;
and
in clause (v), 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 that term appears and
inserting $50,000
; and
in paragraph
(11)(B), by striking $35,000
and inserting
$50,000
.
Maximum loan guarantee under 7(a) program
In general
Amendment
Section 7(a)(2)(A) of the Small Business
Act (15 U.S.C. 636(a)(2)(A)) is amended by striking equal to—
and all that follows and inserting equal to 97.5 percent of the amount
of the loan.
.
Prospective repeal
Effective October 3, 2011, section 7(a)(2)(A) of the Small
Business Act (15 U.S.C. 636(a)(2)(A)) is amended by striking equal to
97.5 percent of the amount of the loan.
and inserting “equal to—
75 percent of the balance of the financing outstanding at the time of disbursement of the loan, if such balance exceeds $150,000; or
85 percent of the balance of the financing outstanding at the time of disbursement of the loan, if such balance is less than or equal to $150,000.
.
Conforming amendment
Section 502(a) of
title V of division A of the American Recovery and Reinvestment Act of 2009
(Public Law 111–5; 123 Stat. 152) is amended by striking 90
percent
and inserting 97.5 percent
.
Extension of fee reductions
Extension of fee reductions
Section 501 of
title V of division A of the American Recovery and Reinvestment Act of 2009
(Public Law 111–5; 123 Stat. 151) is amended by striking September 30,
2010
each place that term appears and inserting October 3,
2011
.
Availability of funds
The matter under the heading Business loans program
account
under the heading Small Business Administration
in title V
of division A of the American Recovery and Reinvestment Act of 2009 (Public Law
111–5; 123 Stat. 151) is amended—
by striking
to remain available until September 30, 2010
the second place it
appears;
by inserting
and shall remain available until October 3, 2011
after
section 501 of this title
; and
by inserting
and shall remain available until September 30, 2010
after
section 506 of this title
.
Economic disaster loans
Authority To make loans
The Administrator of the Small Business Administration may make a loan to a small business concern (as defined under section 3 of the Small Business Act (15 U.S.C. 632)) that is located in an economic disaster area under the same terms and conditions and for the same purposes as a loan under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)).
Economic disaster area
For purposes of this section, the term economic disaster area means a geographic area that the Administrator of the Small Business Administration determines has—
a per capital income of not more than 80 percent of the average per capita income in the United States, based on the most recent available data from the Bureau of Labor Statistics of the Department of Labor;
an average unemployment rate that is not less than 1 percentage point greater than the average unemployment rate in the United States, during the most recent 24-month period for which data from the Bureau of Labor Statistics of the Department of Labor are available; and
a special need.
Sunset
The authority of the Administrator of the Small Business Administration to make a loan under subsection (a) shall terminate on October 3, 2011.
Funding
Revenue from sale of troubled assets and warrants
Section 106(d) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5216(d)) is amended—
by striking
Revenues of
and inserting the following:
In general
Except as provided in paragraph (2), revenues of
; and
by adding at the end the following:
Transfer to Small Business Administration
From amounts received under paragraph (1), the Secretary shall transfer to the Administrator of the Small Business Administration such amounts as are necessary to carry out the Helping Small Business Succeed Act of 2009 and the amendments made by that Act.
.
Authorization of appropriations
In addition to any amounts transferred to the Administrator of the Small Business Administration under section 106(d) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5216(d)), as amended by this Act, there are authorized to be appropriated such sums as may be necessary to carry out this Act and the amendments made by this Act.