Closing the Credit Gap Act
Latest action · Jul 31, 2019 Read twice and referred to the Committee on Small Business and Entrepreneurship. (Sponsor introductory remarks on measure: CR S5253)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 31, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Closing the Credit Gap Act
This bill establishes a Community Advantage Loan Program under which the Small Business Administration (SBA) may guarantee loans made by covered institutions to small business concerns in underserved markets.
Specifically, the bill makes the Community Advantage Pilot Program (CA) permanent and includes women and minorities as eligible groups for CA loans in addition to the other categories that are currently eligible. The bill requires at least 60% of loans made by a covered institution under the program be made to small business concerns in underserved markets, and it allows the SBA to waive the $250,000 cap on loan sizes up to $350,000. The bill further requires the SBA to provide both in-person and online training and technical assistance that is free or low-cost for covered institutions making loans under the program.
The SBA must establish a working group to develop recommendations for the SBA to effectively manage, support, and promote the program and its mission.
Lastly, the bill requires the Government Accountability Office to report on program outcomes.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Jul 31, 2019Introduced in Senate
- Jul 31, 2019Read twice and referred to the Committee on Small Business and Entrepreneurship. (Sponsor introductory remarks on measure: CR S5253)
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Commerce
- Congressional oversight
- Economic development
- Economic performance and conditions
- Government information and archives
- Government lending and loan guarantees
- Government studies and investigations
- Interest, dividends, interest rates
- Minority and disadvantaged businesses
- Performance measurement
- Public-private cooperation
- Rural conditions and development
- Small business
- Small Business Administration
Text 1
Each version as it was printed, newest first.
- Jul 31, 2019Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.