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S 3551 116th Congress Senate Commerce Appropriations Business investment and capital Credit and credit markets Government lending and loan guarantees Manufacturing Small business State and local finance

Small Business Access to Capital Act of 2020

Introduced: March 20, 2020 Introduced by: Peters, Gary C. Democratic · Michigan See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 20, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Mar 20, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

Small Business Access to Capital Act of 2020

This bill reauthorizes for an additional eight years the State Small Business Credit Initiative.

The initative assists participating states in providing collateral financial support to, and other innovative credit access and guarantee initiatives for, small businesses and manufacturers.

The bill prescribes allocations of federal funds to participating states, and it authorizes the Department of the Treasury to award up to $2 billion in two tranches (portions), according to specified criteria, for participating states to (1) make federal contributions to an approved state program, or (2) use as collateral for a qualifying loan or swap funding facility.

What's happening now March 20, 2020

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

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3