[Congressional Record Volume 161, Number 116 (Thursday, July 23, 2015)]
[Senate]
[Page S5558]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
VETERANS ENTREPRENEURSHIP ACT OF 2015
Mr. SULLIVAN. Mr. President, I ask unanimous consent that the Senate
proceed to the immediate consideration of Calendar No. 149, H.R. 2499.
The PRESIDING OFFICER. The clerk will report the bill by title.
The legislative clerk read as follows:
A bill (H.R. 2499) to amend the Small Business Act to
increase access to capital for veteran entrepreneurs, to help
create jobs, and for other purposes.
There being no objection, the Senate proceeded to consider the bill.
Mr. SULLIVAN. I ask unanimous consent that the Vitter amendment at
the desk be agreed to, that the bill, as amended, be read a third time
and passed, and that the motion to reconsider be considered made and
laid upon the table.
The PRESIDING OFFICER. Without objection, it is so ordered.
The amendment (No. 2326) was agreed to, as follows:
(Purpose: To improve the bill)
At the end, add the following:
SEC. 4. BUSINESS LOANS PROGRAM.
(a) Section 7(a) Funding Levels.--The third proviso under
the heading ``business loans program account'' under the
heading ``Small Business Administration'' under title V of
division E of the Consolidated and Further Continuing
Appropriations Act, 2015 (Public Law 113-235; 128 Stat. 2371)
is amended by striking ``$18,750,000,000'' and inserting
``$23,500,000,000''.
(b) Loan Limitations.--Section 7(a)(1) of the Small
Business Act (15 U.S.C. 636(a)(1)) is amended--
(1) in subparagraph (A)--
(A) by striking ``No financial assistance'' and inserting
the following:
``(i) In general.--No financial assistance''; and
(B) by adding at the end the following:
``(ii) Liquidity.--On and after October 1, 2015, the
Administrator may not guarantee a loan under this subsection
if the lender determines that the borrower is unable to
obtain credit elsewhere solely because the liquidity of the
lender depends upon the guaranteed portion of the loan being
sold on the secondary market.''; and
(2) by adding at the end the following:
``(C) Lending limits of lenders.--On and after October 1,
2015, the Administrator may not guarantee a loan under this
subsection if the sole purpose for requesting the guarantee
is to allow the lender to exceed the legal lending limit of
the lender.''.
(c) Reporting.--
(1) Definitions.--In this subsection--
(A) the term ``Administrator'' means the Administrator of
the Small Business Administration;
(B) the term ``business loan'' means a loan made or
guaranteed under section 7(a) of the Small Business Act (15
U.S.C. 636(a));
(C) the term ``cancellation'' means that the Administrator
approves a proposed business loan, but the prospective
borrower determines not to take the business loan; and
(D) the term ``net dollar amount of business loans'' means
the difference between the total dollar amount of business
loans and the total dollar amount of cancellations.
(2) Requirement.--During the 3-year period beginning on the
date of enactment of this Act, the Administrator shall submit
to Committee on Small Business and Entrepreneurship and the
Committee on Appropriations of the Senate and the Committee
on Small Business and the Committee on Appropriations of the
House of Representatives a quarterly report regarding the
loan programs carried out under section 7(a) of the Small
Business Act (15 U.S.C. 636(a)), which shall include--
(A) for the fiscal year during which the report is
submitted and the 3 fiscal years before such fiscal year--
(i) the weekly total dollar amount of business loans;
(ii) the weekly total dollar amount of cancellations;
(iii) the weekly net dollar amount of business loans--
(I) for all business loans; and
(II) for each category of loan amount described in clause
(i), (ii), or (iii) of section 7(a)(18) of the Small Business
Act (15 U.S.C. 636(a)(18));
(B) for the fiscal year during which the report is
submitted--
(i) the amount of remaining authority for business loans,
in dollar amount and as a percentage; and
(ii) estimates of the date on which the net dollar amount
of business loans will reach the maximum for such business
loans based on daily net lending volume and extrapolations
based on year to date net lending volume, quarterly net
lending volume, and quarterly growth trends;
(C) the number of early defaults (as determined by the
Administrator) during the quarter covered by the report;
(D) the total amount paid by borrowers in early default
during the quarter covered by the report, as of the time of
purchase of the guarantee;
(E) the number of borrowers in early default that are
franchisees;
(F) the total amount of guarantees purchased by the
Administrator during the quarter covered by the report; and
(G) a description of the actions the Administrator is
taking to combat early defaults administratively and any
legislative action the Administrator recommends to address
early defaults.
The amendment was ordered to be engrossed, and the bill to be read a
third time.
The bill was read the third time.
The bill (H.R. 2499), as amended, was passed.
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