Protecting Access to Credit for Small Businesses Act

S. 3382 · 117th Congress · Dec 14, 2021 · Lineage

A BILL

To prohibit the Administrator of the Small Business Administration from directly making loans under the 7(a) loan program, and for other purposes.

Section 1 Short title

This Act may be cited as the “Protecting Access to Credit for Small Businesses Act”.

Sec. 2 Prohibition on direct 7(a) loans

(a)

In general— Notwithstanding any provision of subsection (a) of section 7 of the Small Business Act (15 U.S.C. 636(a)), the Administrator of the Small Business Administration may not directly make a loan pursuant to such subsection.

(b)

Existing loans— The Administrator of the Small Business Administration shall service a direct loan made under section 7(a) of the Small Business Act (15 U.S.C. 636(b)) if such loan was made before the date of the enactment of this Act.

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Dec 14, 2021viewing Introduced in Senate Mr. Scott of South Carolina (for himself, Mr. Kennedy, Mr. Toomey, Mr. Paul, Mr. Thune, Mr. Risch, Mr. Crapo, Mr. Inhofe, Mr. Barrasso, Mr. Marshall, Mr. Daines, Mr. Tillis, Mr. Cramer, Mr. Lankford, Mr. Cornyn, Mr. Moran, Mr. Cassidy, Mr. Boozman, Mr. Rounds, and Mr. Scott of Florida) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship

Protecting Access to Credit for Small Businesses Act

Section 1 Short title

Sec. 2 Prohibition on direct 7(a) loans

Cite this provision

Incoming references