H.R. 7903 · 116th Congress
To amend the Small Business Act to establish the Community Advantage Loan Program.
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 116th Congress ended.
D
ChuSponsor3 cosponsors · 1 D, 2 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Jul 31, 2020
- House Passed Dec 3, 2020
This bill establishes through FY2025 a Community Advantage Loan Program under which the Small Business Administration (SBA) may guarantee loans made by covered institutions to small business concerns in underserved markets.
What it does: CRS summary · Passed House · Dec 3, 2020
This bill establishes through FY2025 a Community Advantage Loan Program under which the Small Business Administration (SBA) may guarantee loans made by covered institutions to small business concerns in underserved markets.
Specifically, the bill provides statutory authority for the Community Advantage Pilot Program (CA) and includes women and minorities as eligible groups for CA loans in addition to the other categories that are currently eligible. The bill requires at least 75% of loans made by a covered institution under the program be made to small business concerns in underserved markets, and it allows the SBA to waive the $250,000 cap on loan sizes up to $350,000. The bill further requires the SBA to provide both in-person and online training and technical assistance that is free or low-cost for covered institutions making loans under the program.
The SBA must establish a working group to develop recommendations for the SBA to effectively manage, support, and promote the program and its mission.
Lastly, the bill requires the Government Accountability Office to report on program outcomes.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Small Business Act to establish the Community Advantage Loan Program.
Latest action (Dec 7, 2020): Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Policy area: Commerce · Origin: House · Introduced: Jul 31, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Jul 31, 2020
- House Passed Dec 3, 2020
No recorded floor vote found.