1. Short title
This Act may be cited as the “SBA Loan Paperwork Reduction Act of 2013”.
SBA Loan Paperwork Reduction Act of 2013
A BILL
To amend the Small Business Act to make permanent the Small Loan Advantage program, and for other purposes.
2. Small Loan Advantage program
Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended by adding at the end the following:
“(36) Small loan advantage
“(A) Permanent establishment—The Administrator shall carry out a Small Loan Advantage program in accordance with this paragraph.
“(B) Administration of program—Except as otherwise provided under this paragraph, the Administrator shall carry out the Small Loan Advantage program in the same manner as the Small Loan Advantage loan initiative of the Administration—
“(i) under which lenders were eligible to begin submitting loans on February 15, 2011; and
“(ii) as in effect on June 1, 2013.
“(C) Nonapplicability of pilot program limitations—No limitation under paragraph (25)(A) applies to the Small Loan Advantage program under this paragraph.
“(D) Increased flexibility—The Administrator is authorized to increase the program’s maximum loan amount, to reduce the program’s fees, and to further streamline the program’s loan approval process if the Administrator determines that such adjustments would be fair and appropriate.”