Bill > S305

This bill expands the Small Business Administration's (SBA) loan program to explicitly allow small businesses to use loans for purchasing modern business software and cloud computing services. The bill specifically authorizes loans to finance technology that supports critical business functions such as payroll processing, human resources management, sales and billing, accounting, inventory tracking, and tools that utilize artificial intelligence. The legislation clarifies that these loan uses were likely permissible before, but now are explicitly stated in the law. Importantly, the bill does not authorize loans for research and development purposes and does not change the existing definition of working capital under the Small Business Act. By providing clear guidelines for technology-related financing, the bill aims to help small businesses modernize their operations and improve efficiency by accessing contemporary digital tools and services through SBA loan programs.

Business and Industry

https://www.congress.gov/bill/119th-congress/senate-bill/305/all-info