Bill > S273

This bill amends the Small Business Act and Small Business Investment Act to extend loan program eligibility to nonprofit child care providers, creating a new category of "covered nonprofit child care providers" with specific qualification criteria. To be eligible, these providers must be 501(c)(3) organizations that are licensed in their state, primarily serve children from birth to school age, comply with criminal background check requirements, and meet existing small business size standards. The bill allows these nonprofit child care providers to be considered small business concerns for loan purposes through the Small Business Administration (SBA), but with important restrictions: loans must be made through financial institutions on a guaranteed basis, not through direct SBA lending, and providers receiving loans over $500,000 must obtain a payment guarantee. The bill also includes provisions preventing discrimination in loan eligibility based on First Amendment-protected activities and prohibits using loan proceeds for religious activities. Additionally, the bill requires the SBA to submit annual reports to Congress detailing the number and amount of loans made to these nonprofit child care providers, ensuring transparency and oversight of the new loan program provisions.

Business and Industry

https://www.congress.gov/bill/119th-congress/senate-bill/273/all-info