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H.R. 5554 (111th): Small Business Assistance and Relief Act of 2010

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jun 17, 2010.

Small Business Assistance and Relief Act of 2010 - Expresses the sense of Congress that: (1) assistance should be made available to creditworthy small businesses that cannot obtain lending in the current environment; and (2) reforming Fannie Mae and Freddie Mac should be a top priority for Congress.

Provides, with respect to small businesses: (1) an extension of specified tax provisions concerning deductions, credits, and income exclusion; and (2) a limit on the paperwork required to be submitted from a small business to federal agencies.

Small Business Financing and Investment Act of 2010 - Amends the Small Business Act and the Small Business Investment Act of 1958 to provide for the establishment of a small lender outreach program, a rural lending outreach program, a national lender training program, a capital backstop program, and an independent appellate process within the Small Business Administration (SBA), with an SBA ombudsman.

Revises or adds provisions affecting a certified development company (CDC), including concerning: (1) operational requirements; (2) an accredited lenders program; (3) a premier certified lenders program; (4) SBA guarantee of debentures issued by a CDC; (5) economic development through debentures; (6) CDC project funding requirements; (7) private debenture sales and the pooling of debentures; and (8) CDC authority to foreclose and liquidate SBA-guaranteed loans.

Expands eligibility for, and increases loan limits under, the SBA's Microloan program.

Revises or adds provisions affecting the small business investment company (SBIC) program, including concerning: (1) expedited SBIC licensing for experienced applicants; (2) revised loan leverage limitations for successful SBICs; (3) SBIC authority to invest in veteran-owned small businesses; and (4) increased SBIC program levels.

Revises or adds provisions concerning investment in small businesses engaged primarily in manufacturing and in renewable-energy small businesses.

Authorizes the SBA to guarantee loans to certain medical professionals for the acquisition of health information technology used in the professionals' practice.

Directs the SBA Administrator to establish and carry out a program to provide equity investment financing to support early-stage small businesses in specified targeted industries.

Revises requirements and increases loan limits under the SBA's disaster loan program.

Requires certain SBA studies.