Bill > HR2602

This bill, the Small Business Child Care Investment Act, aims to allow nonprofit child care providers to participate in certain loan programs of the Small Business Administration. The key provisions of the bill are: 1. It defines a "covered nonprofit child care provider" as an organization that is in compliance with licensing requirements, is a tax-exempt 501(c)(3) organization, primarily provides child care services, and meets size standards for small businesses. These providers will be deemed small business concerns for the purposes of accessing Small Business Administration (SBA) loan programs under Section 7(a) and financing under Title V of the Small Business Investment Act. 2. The bill outlines that covered nonprofit child care providers will not be required to obtain a guarantee of timely payment for loans or financing up to $500,000, but will need to obtain such a guarantee for amounts over $500,000. 3. The bill prohibits the SBA Administrator from determining a covered nonprofit child care provider ineligible for a loan or financing based on the use of the funds for religious activities protected under the First Amendment. 4. The bill requires the SBA Administrator to submit an annual report to Congress on the number and amount of loans and financings provided to covered nonprofit child care providers under these provisions.