[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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