Protecting Access to Credit for Small Businesses Act

Protecting Access to Credit for Small Businesses Act

This bill prohibits the Small Business Administration from directly making a loan under the 7(a) Program, which authorizes loans and loan guaranties to small businesses that meet certain requirements.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 3382 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                S. 3382

To prohibit the Administrator of the Small Business Administration from 
   directly making loans under the 7(a) loan program, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           December 14, 2021

Mr. Scott of South Carolina (for himself, Mr. Kennedy, Mr. Toomey, Mr. 
 Paul, Mr. Thune, Mr. Risch, Mr. Crapo, Mr. Inhofe, Mr. Barrasso, Mr. 
Marshall, Mr. Daines, Mr. Tillis, Mr. Cramer, Mr. Lankford, Mr. Cornyn, 
   Mr. Moran, Mr. Cassidy, Mr. Boozman, Mr. Rounds, and Mr. Scott of 
   Florida) introduced the following bill; which was read twice and 
    referred to the Committee on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
To prohibit the Administrator of the Small Business Administration from 
   directly making loans under the 7(a) loan program, 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 ``Protecting Access to Credit for 
Small Businesses Act''.

SEC. 2. PROHIBITION ON DIRECT 7(A) LOANS.

    (a) In General.--Notwithstanding any provision of subsection (a) of 
section 7 of the Small Business Act (15 U.S.C. 636(a)), the 
Administrator of the Small Business Administration may not directly 
make a loan pursuant to such subsection.
    (b) Existing Loans.--The Administrator of the Small Business 
Administration shall service a direct loan made under section 7(a) of 
the Small Business Act (15 U.S.C. 636(b)) if such loan was made before 
the date of the enactment of this Act.
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