Small Business Energy Loan Enhancement Act
Source: Congress.gov ·
313 words in original text
What This Bill Does
This bill changes the maximum loan amount that the Small Business Administration can give out under two specific types of loans. The bill increases these maximum amounts to help small businesses get larger loans.
Who It Affects
Small businesses that apply for loans through the Small Business Administration. The Small Business Administration (the federal agency that helps small businesses).
Key Provisions
• The maximum loan amount for clause (iv) loans increases from $5,500,000 to $10,000,000 (Sec. 2(a)(1))
• The maximum loan amount for clause (v) loans increases from $5,500,000 to $10,000,000 (Sec. 2(a)(2))
• The Small Business Administration must submit a report to Congress every year starting within one year of the law taking effect that shows which industries and geographic areas received these loans (Sec. 2(b))
What Changes
If this becomes law, small businesses can borrow up to $10,000,000 instead of $5,500,000 under these two specific loan types. The Small Business Administration must also report yearly to Congress about which industries and regions are using these increased loan amounts.
Important Definitions
None defined in the bill text.
Important: This plain English summary was generated by AI and is provided for informational purposes only.
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