H.R.6219 - Small Business Jobs Amendments Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Frank, Barney [D-MA-4] (Introduced 09/28/2010)|
|Committees:||House - Financial Services|
|Latest Action:||House - 09/28/2010 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.6219 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (09/28/2010)
Small Business Jobs Amendments Act of 2010 - Amends the Small Business Jobs Act of 2010 with respect to the Small Business Lending Fund Program (Program) to: (1) remove the requirement that a community development loan fund (CDLF) be a tax-exempt entity; (2) include as an eligible institution under the Program any small business lending company that has total assets equal to or less than $10 billion; and (3) include as authorized small business lending nonowner-occupied commercial real estate loans. Directs the Secretary of the Treasury to develop eligibility criteria to determine the financial ability of a CDLF to participate in the Program.
Allows CDLFs to apply to receive from the Small Business Lending Fund up to 10% (current law allows up to 5%) of the total assets of the CDLF for investment in small businesses.
Provides: (1) dividend and interest incentives for participating loan institutions based on increases in small business lending; and (2) an authorized alternative computation of small business lending by such institutions. Requires eligible institutions to: (1) provide Program outreach to Indian tribes; and (2) include on its Internet website a statement that the institution is seeking to make small business loans and may not discriminate on the basis of race, color, religion, national origin, sex, marital status, or age. Requires the Secretary, in exercising loan authorities, to consider increasing the availability of credit for small businesses operating on tribal trust lands or other Indian areas.
Authorizes an eligible institution to temporarily amortize, for up to a 10-year period, any loan loss or write-down in order to increase the availability of credit for small businesses.