[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4295 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4295

  To direct the Administrator of the Small Business Administration to 
 establish and carry out a program to provide loans directly to small 
               business concerns, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 11, 2009

 Mr. Courtney introduced the following bill; which was referred to the 
                      Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
  To direct the Administrator of the Small Business Administration to 
 establish and carry out a program to provide loans directly to small 
               business concerns, 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 Emergency Capital 
Assistance Act of 2009''.

SEC. 2. SMALL BUSINESS DIRECT LENDING PROGRAM.

    (a) Establishment.--The Administrator of the Small Business 
Administration shall establish and carry out a program under which the 
Administrator is authorized to make loans directly to eligible small 
business concerns (in this section referred to as the ``program'').
    (b) Administration.--Except as otherwise provided under this 
section and to the extent practicable, the Administrator of the Small 
Business Administration shall carry out the program--
            (1) using the administrative resources of the Small 
        Business Administration; and
            (2) in a manner similar to the loan program under section 
        7(a) of the Small Business Act (15 U.S.C. 636(a)).
    (c) Use of Loan Funds.--Amounts from a loan made under the program 
may be used by a small business concern for the operation or expansion 
of such concern or for any other purpose allowed under section 7(a) of 
the Small Business Act (15 U.S.C. 636(a)).
    (d) Loan Amount.--The maximum amount of a loan made under the 
program shall be $1,500,000.
    (e) Loan Term.--The maximum term for repayment of a loan made under 
the program shall be 25 years.
    (f) Loan Interest Rate.--The interest rate with respect to a loan 
made under the program shall be the sum of--
            (1) 4.75 percent; and
            (2) the prime rate (as determined by the Administrator of 
        the Small Business Administration).
    (g) Accountability.--
            (1) SBA reports.--Not later than 30 days after the date of 
        enactment of this Act and every month thereafter, the 
        Administrator of the Small Business Administration shall submit 
        to the Committee on Small Business of the House of 
        Representatives and the Committee on Small Business and 
        Entrepreneurship of the Senate a report describing--
                    (A) the number of loans made under the program;
                    (B) the amounts of loans made under the program;
                    (C) the uses of loans made under the program;
                    (D) repayment progress with respect to loans made 
                under the program;
                    (E) the default rate with respect to loans made 
                under the program; and
                    (F) other relevant information with respect to the 
                program.
            (2) GAO reports.--
                    (A) Review.--The Comptroller General of the United 
                States shall conduct a review of the program to 
                evaluate the effectiveness of the program and identify 
                any waste or abuse relating to the program.
                    (B) Reports.--Not later than 90 days after the date 
                of enactment of this Act and quarterly thereafter, the 
                Comptroller General shall submit to the Committee on 
                Small Business of the House of Representatives and the 
                Committee on Small Business and Entrepreneurship of the 
                Senate a report describing the results of the review 
                conducted under subparagraph (A).
    (h) Definitions.--In this section, the following definitions apply:
            (1) Eligible small business concern.--The term ``eligible 
        small business concern'' means a small business concern that 
        the Administrator of the Small Business Administration 
        determines--
                    (A) is economically healthy;
                    (B) has good credit; and
                    (C) is unable to obtain a loan on reasonable terms 
                from a non-Federal source (which may be demonstrated 
                with respect to a small business concern by evidence 
                that a lender discontinued a line of credit of such 
                concern notwithstanding the good credit of such 
                concern).
            (2) Small business concern.--The term ``small business 
        concern'' has the meaning given such term under section 3(a) of 
        the Small Business Act (15 U.S.C. 632(a)).
    (i) Authorization of Appropriations.--There is authorized to be 
appropriated to the Administrator of the Small Business Administration 
$10,000,000,000 to carry out the program, including the hiring of 
necessary personnel.
    (j) Termination.--The program shall terminate on the date that is 2 
years after the date of enactment of this Act.
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