SSBCI Improvement Act
This bill modifies how funds are transferred to (and recouped from) states under the State Small Business Credit Initiative. For example, if a state's allocated amount is less than or equal to $1,000,000 the Department of the Treasury must provide the full amount in a single transfer.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7874 Introduced in House (IH)]
<DOC>
117th CONGRESS
2d Session
H. R. 7874
To amend the State Small Business Credit Initiative Act of 2010 to
modify allocations under the State Small Business Credit Initiative,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 24, 2022
Mr. Phillips (for himself and Mr. Green of Texas) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To amend the State Small Business Credit Initiative Act of 2010 to
modify allocations under the State Small Business Credit Initiative,
and for other purposes.
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 ``SSBCI Improvement Act''.
SEC. 2. TECHNICAL AMENDMENTS TO THE STATE SMALL BUSINESS CREDIT
INITIATIVE ACT OF 2010.
(a) Exception for Allocated Amounts Less Than or Equal to
$1,000,000.--
(1) In general.--Section 3003(c)(1) of the State Small
Business Credit Initiative Act of 2010 (12 U.S.C. 5702(c)(1))
is amended--
(A) in subparagraph (A)(i), by inserting ``, except
as provided in subparagraph (D)'' before the semicolon
at the end; and
(B) by amending subparagraph (D) to read as
follows:
``(D) Exceptions.--The Secretary--
``(i) may, in the Secretary's discretion,
transfer the full amount of the participating
State's allocated amount to the State in a
single transfer if the participating State
applies to the Secretary for approval to use
the full amount of the allocation as collateral
for a qualifying loan or swap funding facility;
and
``(ii) shall transfer the full amount of
the participating State's allocated amount, if
such amount is less than or equal to
$1,000,000, to the State in a single transfer
upon approval under section 3004 and subject to
the requirements of paragraph (7).''.
(2) Use of transferred funds.--Section 3003(c)(3) of the
State Small Business Credit Initiative Act of 2010 (12 U.S.C.
5702(c)(3)) is amended--
(A) in subparagraph (C)--
(i) by inserting ``if the allocated amount
under subsection (b) is greater than
$1,000,000,'' before ``in the case of''; and
(ii) by striking ``or'' at the end;
(B) in subparagraph (D)--
(i) by inserting ``if the allocated amount
under subsection (b) is greater than
$1,000,000,'' before ``in the case of''; and
(ii) by striking the period at the end and
inserting ``; or''; and
(C) by adding at the end the following new
subparagraph:
``(E) if the allocated amount under subsection (b)
is less than or equal to $1,000,000, for paying
administrative costs incurred by the State in
implementing an approved State program in an amount not
to exceed 3.6 percent of the allocated amount.''.
(3) Recoupment.--Section 3003(c) of the State Small
Business Credit Initiative Act of 2010 (12 U.S.C. 5702(c)) is
amended by adding at the end the following new paragraph:
``(7) Recoupment of allocated amounts for certain
participating states.--
``(A) In general.--With respect to a participating
State for which the Secretary allocated an amount less
than or equal to $1,000,000, the Secretary may recoup
an amount of such State's allocated amount as follows:
``(i) If, not later than the last day of
the 3-year period beginning on the date of
approval under section 3004, an amount equal to
80 percent of one-third of such allocated
amount has not been certified by the State as
expended, obligated, or transferred, the amount
recouped shall be equal to two-thirds of the
such allocated amount.
``(ii) If, not later than the last day of
the 6-year period beginning on the date of
approval under section 3004, an amount equal to
80 percent of two-thirds of such allocated
amount has not been certified by the State as
expended, obligated, or transferred, such
amount shall be equal to one-third of the such
allocated amount.
``(B) Reallocation.--Any amount recouped under this
paragraph may be reallocated by the Secretary to a
Tribal government that was not a participating State
subject to recoupment under this paragraph. In making
such a reallocation, the Secretary shall not take into
account the specific allocation for Tribal governments
described under subsection (b)(2)(D).''.
(4) Applicability.--The amendments made by this subsection
shall apply with respect to an allocation made to a
participating State under the State Small Business Credit
Initiative Act of 2010 (12 U.S.C. 5701 et seq.) for fiscal year
2022 and each fiscal year thereafter.
(b) Extension of Certain Periods.--The State Small Business Credit
Initiative Act of 2010 (12 U.S.C. 5701 et seq.) is amended--
(1) in section 3004(d)(2), by striking ``12 months'' and
inserting ``18 months'';
(2) in section 3007(d), by striking ``the first March 31''
and all the follows and inserting ``March 31, 2031.''; and
(3) in section 3009(c), by striking ``7-year'' and
inserting ``11-year''.
(c) Technical Amendment.--The State Small Business Credit
Initiative Act of 2010 (12 U.S.C. 5701 et seq.) is amended--
(1) in section 3003(b)(2)--
(A) by redesignating subparagraph (D) as
subparagraph (E); and
(B) by redesignating subparagraph (C) (relating to
``Separate allocation for Tribal governments'') as
subparagraph (D); and
(2) in section 3003(c)(4)(B), by striking ``subsection
(b)(2)(C)'' and inserting ``subsection (b)(2)(D)''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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