IN THE SENATE OF THE UNITED STATES
December 14, 2021
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
To prohibit the Administrator of the Small Business Administration from directly making loans under the 7(a) loan program, and for other purposes.
This Act may be cited as the
Protecting Access to Credit for Small Businesses Act.
Prohibition on direct 7(a) loans
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.
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.