117 S3382 IS: Protecting Access to Credit for Small Businesses Act U.S. Senate 2021-12-14 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II117th CONGRESS1st SessionS. 3382IN THE SENATE OF THE UNITED STATESDecember 14, 2021Mr. Scott of South Carolina (for himself, Mr. Kennedy, Mr. Toomey, Mr. Paul, Mr. Thune, Mr. Risch, Mr. Crapo, Mr. Inhofe, Mr. Barrasso, Mr. Marshall, Mr. Daines, Mr. Tillis, Mr. Cramer, Mr. Lankford, Mr. Cornyn, Mr. Moran, Mr. Cassidy, Mr. Boozman, Mr. Rounds, and Mr. Scott of Florida) introduced the following bill; which was read twice and referred to the Committee on Small Business and EntrepreneurshipA BILLTo prohibit the Administrator of the Small Business Administration from directly making loans under the 7(a) loan program, and for other purposes.

1.

Short title

This Act may be cited as the Protecting Access to Credit for Small Businesses Act.

2.

Prohibition on direct 7(a) loans

(a)

In general

Notwithstanding any provision of subsection (a) of section 7 of the Small Business Act (15 U.S.C. 636(a)), the Administrator of the Small Business Administration may not directly make a loan pursuant to such subsection.(b)

Existing loans

The Administrator of the Small Business Administration shall service a direct loan made under section 7(a) of the Small Business Act (15 U.S.C. 636(b)) if such loan was made before the date of the enactment of this Act.