No official summary available for this bill.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3992 Introduced in Senate (IS)]
<DOC>
118th CONGRESS
2d Session
S. 3992
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
March 20, 2024
Mr. Scott of South Carolina (for himself, Mr. Kennedy, Mr. Risch, Mr.
Cramer, Mr. Grassley, Mr. Daines, Mr. Lankford, Ms. Ernst, Mr. Cornyn,
Mr. Budd, Mr. Cotton, Mr. Scott of Florida, Mr. Braun, and Mr. Crapo)
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(a)) if such loan was made before
the date of enactment of this Act.
<all>
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
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