[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3992 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 3992

To prohibit the Administrator of the Small Business Administration from 
   directly making loans under the 7(a) loan program, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 20, 2024

 Mr. Scott of South Carolina (for himself, Mr. Kennedy, Mr. Risch, Mr. 
Cramer, Mr. Grassley, Mr. Daines, Mr. Lankford, Ms. Ernst, Mr. Cornyn, 
 Mr. Budd, Mr. Cotton, Mr. Scott of Florida, Mr. Braun, and Mr. Crapo) 
introduced the following bill; which was read twice and referred to the 
            Committee on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
To prohibit the Administrator of the Small Business Administration from 
   directly making loans under the 7(a) loan program, 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 ``Protecting Access to Credit for 
Small Businesses Act''.

SEC. 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(a)) if such loan was made before 
the date of enactment of this Act.
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