Bill Summary
The Small Business Lending Continuity Act of 2020 modifies the amount of money that can be used for general business loans under section 7(a) of the Small Business Act. This change applies to loans made after the date of enactment of the act, except for a specific type of loan. The act was passed by Congress and is officially known as S. 3782.
Possible Impacts
1. This legislation may affect small business owners who are in need of loans by modifying the amount authorized for commitments for 7(a) loans. This could potentially make it easier or harder for them to obtain the necessary funds for their business.
2. The Act may also impact the budget and spending of the Small Business Administration, as it authorizes commitments for general business loans under their program account.
3. The Act may also have a direct impact on the economy and job market, as small businesses play a significant role in both. If the amount authorized for 7(a) loans is increased, it could potentially lead to more businesses being able to grow and hire more employees. On the other hand, if the amount is decreased, it could have the opposite effect.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3782 Engrossed in Senate (ES)]
<DOC>
116th CONGRESS
2d Session
S. 3782
_______________________________________________________________________
AN ACT
To modify the amount authorized for commitments for 7(a) loans, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Small Business Lending Continuity
Act of 2020''.
SEC. 2. COMMITMENTS FOR 7(A) LOANS.
Notwithstanding any other provision of law, the amounts authorized
for commitments for general business loans authorized under section
7(a) of the Small Business Act (15 U.S.C. 636(a)) under the heading
``business loans program account'' under the heading ``Small Business
Administration'' under title V of the Consolidated Appropriations Act,
2020 (Public Law 116-93; 133 Stat. 2475) shall apply with respect to
loans made under such section 7(a), other than loans made under
paragraph (36) of such section 7(a), on and after the date of enactment
of this Act.
Passed the Senate May 20, 2020.
Attest:
Secretary.
116th CONGRESS
2d Session
S. 3782
_______________________________________________________________________
AN ACT
To modify the amount authorized for commitments for 7(a) loans, and for
other purposes.