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HR 7903 116th Congress House Commerce Bank accounts, deposits, capital Banking and financial institutions regulation Congressional oversight Economic development Economic performance and conditions Government information and archives Government lending and loan guarantees Government studies and investigations Interest, dividends, interest rates Minority and disadvantaged businesses Performance measurement Public-private cooperation Rural conditions and development Small Business Administration Small business

To amend the Small Business Act to establish the Community Advantage Loan Program.

Introduced: July 31, 2020 Introduced by: Chu, Judy Democratic · California See on congress.gov
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 Everywhere this bill has been 11 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 7, 2020
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Dec 3, 2020
Motion to reconsider laid on the table Agreed to without objection.
Dec 3, 2020
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6068-6070)
Dec 3, 2020
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H6068-6070)
Dec 3, 2020
DEBATE - The House proceeded with forty minutes of debate on H.R. 7903.
Dec 3, 2020
Considered under suspension of the rules. (consideration: CR H6068-6072)
Dec 3, 2020
Ms. Velazquez moved to suspend the rules and pass the bill, as amended.
Sep 16, 2020
Ordered to be Reported (Amended) by Voice Vote.
Sep 16, 2020
Committee Consideration and Mark-up Session Held.
Jul 31, 2020
Referred to the House Committee on Small Business.
Jul 31, 2020
Introduced in House
 Plain-English summary Congressional Research Service

This bill establishes through FY2025 a Community Advantage Loan Program under which the Small Business Administration (SBA) may guarantee loans made by covered institutions to small business concerns in underserved markets.

Specifically, the bill provides statutory authority for the Community Advantage Pilot Program (CA) and includes women and minorities as eligible groups for CA loans in addition to the other categories that are currently eligible. The bill requires at least 75% of loans made by a covered institution under the program be made to small business concerns in underserved markets, and it allows the SBA to waive the $250,000 cap on loan sizes up to $350,000. The bill further requires the SBA to provide both in-person and online training and technical assistance that is free or low-cost for covered institutions making loans under the program.

The SBA must establish a working group to develop recommendations for the SBA to effectively manage, support, and promote the program and its mission.

Lastly, the bill requires the Government Accountability Office to report on program outcomes.

What's happening now December 7, 2020

Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

 Committees of jurisdiction 2