Bill > HR915

This bill, titled the "Small Business Technological Advancement Act," amends Section 7(a) of the Small Business Act, which is a program run by the Small Business Administration (SBA) that provides financial assistance to small businesses. The key provision allows the SBA to offer loans specifically to help small businesses pay for modern business software and cloud computing services. These technologies can assist with various aspects of business operations, such as managing payroll, human resources, sales, billing, accounting, and tracking inventory or expenses, and can even include tools that use artificial intelligence. The bill clarifies that this change does not invalidate previous loans made for similar purposes, does not permit loans for research and development, and does not restrict the existing definition of working capital.