Bill > HR1669

This bill reauthorizes and expands the State Small Business Credit Initiative Act of 2010, a program that provides funding to states to support small businesses. Key provisions include: - Reauthorizing the program and providing $10 billion in new funding, while requiring any unused funds to be rescinded by 2030. - Allocating $1.5 billion specifically to support business enterprises owned and controlled by socially and economically disadvantaged individuals, and providing an additional $1 billion in incentives for states to support these businesses. - Requiring states to have plans for encouraging participation by minority depository institutions and community development financial institutions, as well as plans for responding to the economic effects of the COVID-19 pandemic. - Providing $500 million for technical assistance to very small businesses and disadvantaged business owners applying for state or federal small business programs. - Allowing for a multi-state participation program to streamline eligibility across similar state programs. - Applying the Military Lending Act's 36% interest rate cap to lending activities supported by the program. - Expanding the definition of "participating states" to include Tribal governments.

Business and Industry

https://www.congress.gov/bill/117th-congress/house-bill/1669/all-info