H.R.4598 - Express Loans Improvements Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Dahlkemper, Kathleen A. [D-PA-3] (Introduced 02/04/2010)|
|Committees:||House - Small Business|
|Latest Action:||02/04/2010 Referred to the Subcommittee on Finance and Tax. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4598 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (02/04/2010)
Express Loans Improvements Act of 2009 - Amends provisions of the Small Business Act relating to the Express Loan Program (Program) to: (1) increase (for a two-year period) from 50% to 75% the maximum percentage of Program loans that may be guaranteed by the Small Business Administration (SBA); (2) make such percentage 60% after such two-year period; and (3) increase from $350,000 to $1 million the maximum Program loan amount.
Directs the SBA Administrator to: (1) issue regulations with respect to Program loan and lender eligibility and collateral requirements that minimize federal risk of loss; and (2) report annually to the congressional small business committees describing Program implementation, including actions taken to reduce default rates.