H.R. 1669 · 117th Congress
State Small Business Credit Initiative Renewal Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
GreenSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill reauthorizes the State Small Business Credit Initiative through which the Department of the Treasury provides funding for participating states and tribal governments to support small business credit expansion programs that deliver loans or investments to eligible small businesses.
What it does: CRS summary · Introduced in House · Mar 9, 2021
State Small Business Credit Initiative Renewal Act
This bill reauthorizes the State Small Business Credit Initiative through which the Department of the Treasury provides funding for participating states and tribal governments to support small business credit expansion programs that deliver loans or investments to eligible small businesses.
A participating state must provide Treasury with a description of (1) how minority depository institutions and community development financial institutions will be encouraged to participate in state programs, and (2) how the state will utilize funds to support small businesses in responding to and recovering from the economic effects of COVID-19.
The bill allocates specified portions of this funding for (1) states to support businesses that are owned by socially and economically disadvantaged individuals, (2) an incentive program to boost funding for states that demonstrate robust support for those businesses, (3) support for very small businesses (e.g., those with fewer than 10 employees), and (4) tribal governments.
Additionally, Treasury may provide funds to states, the Minority Business Development Agency, or other advisory firms to provide technical assistance to specified small businesses.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: State Small Business Credit Initiative Renewal Act
Latest action (Mar 9, 2021): Referred to the House Committee on Financial Services.
Policy area: Commerce · Origin: House · Introduced: Mar 9, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.