Expanding Access to Affordable Credit for Small Businesses Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Dec 9, 2021)
Expanding Access to Affordable Credit for Small Businesses Act
This bill establishes rules related to the authorization of lending institutions (including banks, 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 guaranties to small business borrowers unable to obtain financing elsewhere.
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 happenedDec 9, 2021
Referred to the House Committee on Small Business.
Who’s behind it
- Introduced in HouseDec 9, 2021
- Dec 9, 2021IntroReferralH11100
Referred to the House Committee on Small Business.
Small Business Committee - Dec 9, 2021IntroReferralIntro-H
Introduced in House
- Dec 9, 2021IntroReferral1000
Introduced in House