[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4476 Introduced in Senate (IS)]
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117th CONGRESS
2d Session
S. 4476
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 SENATE OF THE UNITED STATES
June 23, 2022
Ms. Klobuchar (for herself and Mr. Warner) introduced the following
bill; which was read twice and referred to the Committee on Banking,
Housing, and Urban Affairs
_______________________________________________________________________
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 of Not More Than $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
the amount is not more than $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 more 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:
``(E) if the allocated amount under subsection (b)
is not more than $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:
``(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 the participating 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 \1/3\ of the allocated amount has
not been certified by the State as expended,
obligated, or transferred, the amount recouped
shall be equal to \2/3\ of the 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 \2/3\ of the allocated amount has
not been certified by the State as expended,
obligated, or transferred, the amount shall be
equal to \1/3\ of the allocated amount.
``(B) Reallocation.--
``(i) In general.--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.
``(ii) Consideration.--In making a
reallocation under clause (i), the Secretary
shall not take into account the specific
allocation for Tribal governments described in
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) (12 U.S.C. 5703(d)(2)), by
striking ``12 months'' and inserting ``18 months'';
(2) in section 3007(d) (12 U.S.C. 5706(d)), by striking
``the first March 31'' and all that follows and inserting
``March 31, 2031.''; and
(3) in section 3009(c) (12 U.S.C. 5707(c)), by striking
``7-year'' and inserting ``11-year''.
(c) Technical Amendment.--Section 3003 of the State Small Business
Credit Initiative Act of 2010 (12 U.S.C. 5702) is amended--
(1) in subsection (b)(2)--
(A) by redesignating subparagraph (D) as
subparagraph (E); and
(B) by redesignating the second subparagraph (C)
(relating to separate allocation for Tribal
governments) as subparagraph (D); and
(2) in subsection (c)(4)(B), by striking ``subsection
(b)(2)(C)'' and inserting ``subsection (b)(2)(D)''.
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