1. Short title
This Act may be cited as the “SBIC Capital Infusion Act of 2020”.
SBIC Capital Infusion Act of 2020
A BILL
To amend the Small Business Investment Act of 1958 to provide additional assistance for small businesses affected by the COVID–19 outbreak, and for other purposes.
2. Additional leverage for small businesses affected by the COVID–19 outbreak
In general— Section 303(b)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) is amended by adding at the end the following:
“(E) Additional leverage base on investment
“(i) Exclusion of amounts—In calculating the outstanding leverage of a company for purposes of subparagraph (A) or (B), the Administrator shall exclude the amount of leverage outstanding to covered small businesses, not to exceed an amount equal to $100,000,000, if the amount excluded is used exclusively for working capital purposes.
“(ii) Covered small business defined—In this subparagraph, the term covered small business means a small business concern is located in a State or United States territory with at least one confirmed or presumed positive case of COVID–19.”
Application— Notwithstanding any other provision of law, for purposes of additional leverage requested under subparagraph (E) of section 303(b)(2) of the Small Business Investment Act of 1958, as added by subsection (a), the Administrator shall approve or deny such request within 14 calendar days of receipt by the Administrator of the request.
3. New Markets Venture Capital Program
Section 368(a) of the Small Business Investment Act of 1958 (15 U.S.C. 689q(a)) is amended—
by striking “fiscal years 2001 through 2006” and inserting “fiscal years 2020 through 2025”;
in paragraph (1), by striking “$150,000,000” and inserting “$10,000,000,000”; and
in paragraph (2), by striking “$30,000,000” and inserting “$2,000,000,000”.