[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 3682 Introduced in Senate (IS)]
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117th CONGRESS
2d Session
S. 3682
To increase the loan limits under the business loan program and the 504
loan program of the Small Business Administration for businesses
principally engaged in agriculture, manufacturing, or production of
critical and emerging technologies, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 17, 2022
Ms. Ernst introduced the following bill; which was read twice and
referred to the Committee on Small Business and Entrepreneurship
_______________________________________________________________________
A BILL
To increase the loan limits under the business loan program and the 504
loan program of the Small Business Administration for businesses
principally engaged in agriculture, manufacturing, or production of
critical and emerging technologies, 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 ``American Small Business Competition
Act of 2022''.
SEC. 2. LOAN LIMITS.
(a) Business Loan Program.--Section 7(a)(3) of the Small Business
Act (15 U.S.C. 636(a)(3)) is amended--
(1) in subparagraph (A), by striking ``subparagraph (B)''
and inserting ``subparagraphs (B) and (C)'';
(2) in subparagraph (B), by striking ``and'' at the end;
(3) by redesignating subparagraph (C) as subparagraph (D);
and
(4) by inserting after subparagraph (B) the following:
``(C) if the total amount outstanding and committed
(by participation or otherwise) to the borrower from
the business loan and investment fund established by
this Act would exceed $7,500,000 (or if the gross loan
amount would exceed $10,000,000), for a small business
concern--
``(i) that is principally engaged in
agriculture, manufacturing, or production of a
technology listed on the Critical and Emerging
Technologies List issued by the National
Security Council, or any successor thereto;
``(ii) for which the headquarters of the
small business concern is located in the United
States; and
``(iii) that includes in the application of
the small business concern for the loan under
this subsection information regarding any
foreign individual or entity that owns not less
than 5 percent of the small business concern;
and''.
(b) 504 Loan Program.--Section 502(2)(A) of the Small Business
Investment Act of 1958 (15 U.S.C. 696(2)(A)) is amended--
(1) in clause (i), by striking ``or (v)'' and inserting
``(v), or (vi)'';
(2) in clause (iv), by striking ``and'' at the end;
(3) in clause (v), by striking the period at the end and
inserting ``; and''; and
(4) by adding at the end the following:
``(vi) $10,000,000 for each project of a
small business concern principally engaged in
agriculture, manufacturing, or production of a
technology listed on the Critical and Emerging
Technologies List issued by the National
Security Council, or any successor thereto.''.
SEC. 3. REPORT REGARDING ACCESS TO CAPITAL FOR SMALL BUSINESSES.
Not later than 1 year after the date of enactment of this Act, the
Administrator of the Small Business Administration shall submit to
Congress a report that--
(1) provides a description of the effect of inflation and
supply chain disruption during the 3-year period ending on the
date of enactment of this Act on the cost to small business
concerns (as defined under section 3 of the Small Business Act
(15 U.S.C. 636)) of obtaining access to capital, disaggregated
by industry; and
(2) makes recommendations, in partnership with the Office
of Advocacy of the Small Business Administration, on how to
support access to capital for small business concerns involved
in domestic manufacturing, agriculture, and production of
technologies listed on the Critical and Emerging Technologies
List issued by the National Security Council, or any successor
thereto.
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