Expanding Access to Affordable Credit for Small Businesses Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Aug 10, 2021)
Expanding Access to Affordable Credit for Small Businesses Act
This bill establishes rules related to the authorization of lending institutions and other entities (including small business lending companies, non-federally regulated lenders, and non-depository lending institutions) to make loans under the 7(a) Program of the Small Business Administration (SBA). Under the 7(a) Program, the SBA provides business loans and loan guarantees to small business borrowers who cannot obtain credit elsewhere on reasonable terms and conditions.
Specifically, the SBA must ensure that these lending institutions and other entities (1) provide an independent audit that examines adherence to all applicable federal laws and regulations regarding anti-money laundering, counterterrorist financing, sanctions, and financial crimes; and (2) implement a compliance program that is designed to conform with relevant anti-money laundering laws and regulations.
What just happenedAug 10, 2021
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Who’s behind it
- Introduced in SenateAug 10, 2021
- Aug 10, 2021IntroReferral
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Small Business and Entrepreneurship Committee - Aug 10, 2021IntroReferral10000
Introduced in Senate