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S. 3382: Protecting Access to Credit for Small Businesses Act

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The text of the bill below is as of Dec 14, 2021 (Introduced).

II

117th CONGRESS

1st Session

S. 3382

IN THE SENATE OF THE UNITED STATES

December 14, 2021

(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

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.

1.

Short title

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

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.