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Bill106th CongressFiled Jul 27, 1999Commerce
H.R. 2615

To amend the Small Business Act to make improvements to the general business loan program, and for other purposes.

Bill journey · stage 2 of 5

Under committee review

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Law

What it doesSummary passed house amended (Aug 2, 1999)

Amends the Small Business Act to authorize the Small Business Administration (SBA) to guarantee a general business loan made by a bank or other financial institution to a small business in the amount of: (1) 75 percent of the outstanding balance of such loan, if such balance exceeds $150,000 (currently $100,000); and (2) 80 percent of the outstanding balance of less than $150,000 (also currently $100,000). Prohibits any such loan from being made to a borrower if the total amount outstanding and committed to the borrower from the business loan and SBA investment funds would exceed $1 million (currently $750,000).

Makes current provisions requiring the payment of accrued interest on defaulted guaranteed loans inapplicable to loans made on or after October 1, 1999.

Requires a borrower who prepays any loan guaranteed by the SBA to remit to the SBA a subsidy recoupment fee (calculated under this Act) if: (1) the loan is for a period of less than 15 years; (2) the prepayment is voluntary; (3) the amount of prepayment in any calendar year is more than 25 percent of the outstanding loan balance; and (4) the prepayment is made within the first three years after disbursement of the loan proceeds.

Revises loan guarantee fee amounts. Authorizes lenders participating in an SBA program to retain no more than 25 percent of such fee with respect to any loan not exceeding $150,000.

Authorizes a borrower to permanently lease to one or more tenants not more than 20 percent of any property constructed using guaranteed loan proceeds, as long as the borrower permanently occupies and uses not less than 60 percent of the total business space in the property.

What just happenedAug 3, 1999

Received in the Senate and read twice and referred to the Committee on Small Business.

Who’s behind it

Rep. Talent, Jim [R-MO-2](R-MO)Sponsor
17 cosponsors10 D7 R
Read on Congress.gov
17cosponsors2committees15actions15subjects
  1. Aug 3, 1999IntroReferral

    Received in the Senate and read twice and referred to the Committee on Small Business.

    Small Business and Entrepreneurship Committee
  2. Aug 2, 1999FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Aug 2, 1999FloorH37300

    On motion to suspend the rules and pass the bill Agreed to by voice vote.

  4. Aug 2, 1999Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.

  5. Aug 2, 1999FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 2615.

  6. Aug 2, 1999FloorH30000

    Considered under suspension of the rules. (consideration: CR H6792-6796)

  7. Aug 2, 1999FloorH30300

    Mr. Talent moved to suspend the rules and pass the bill.

  8. Aug 2, 1999CalendarsH12410

    Placed on the Union Calendar, Calendar No. 167.

  9. Aug 2, 1999CommitteeH12200

    Reported by the Committee on Small Business. H. Rept. 106-279.

    Small Business Committee
  10. Aug 2, 1999Committee5000

    Reported by the Committee on Small Business. H. Rept. 106-279.

    Small Business Committee
  11. Jul 29, 1999CommitteeH19000

    Ordered to be Reported by Voice Vote.

    Small Business Committee
  12. Jul 29, 1999CommitteeH15000-B

    Committee Consideration and Mark-up Session Held.

    Small Business Committee
  13. Jul 27, 1999IntroReferralH11100

    Referred to the House Committee on Small Business.

    Small Business Committee
  14. Jul 27, 1999IntroReferralIntro-H

    Introduced in House

  15. Jul 27, 1999IntroReferral1000

    Introduced in House

Passed House amendedAug 2, 199936

Amends the Small Business Act to authorize the Small Business Administration (SBA) to guarantee a general business loan made by a bank or other financial institution to a small business in the amount of: (1) 75 percent of the outstanding balance of such loan, if such balance exceeds $150,000 (currently $100,000); and (2) 80 percent of the outstanding balance of less than $150,000 (also currently $100,000). Prohibits any such loan from being made to a borrower if the total amount outstanding and committed to the borrower from the business loan and SBA investment funds would exceed $1 million (currently $750,000).

Makes current provisions requiring the payment of accrued interest on defaulted guaranteed loans inapplicable to loans made on or after October 1, 1999.

Requires a borrower who prepays any loan guaranteed by the SBA to remit to the SBA a subsidy recoupment fee (calculated under this Act) if: (1) the loan is for a period of less than 15 years; (2) the prepayment is voluntary; (3) the amount of prepayment in any calendar year is more than 25 percent of the outstanding loan balance; and (4) the prepayment is made within the first three years after disbursement of the loan proceeds.

Revises loan guarantee fee amounts. Authorizes lenders participating in an SBA program to retain no more than 25 percent of such fee with respect to any loan not exceeding $150,000.

Authorizes a borrower to permanently lease to one or more tenants not more than 20 percent of any property constructed using guaranteed loan proceeds, as long as the borrower permanently occupies and uses not less than 60 percent of the total business space in the property.

Introduced in HouseJul 27, 199900

Amends the Small Business Act to authorize the Small Business Administration (SBA) to guarantee a general business loan made by a bank or other financial institution to a small business in the amount of: (1) 75 percent of the outstanding balance of such loan, if such balance exceeds $150,000 (currently $100,000); and (2) 80 percent of the outstanding balance of less than $150,000 (also currently $100,000). Prohibits any such loan from being made to a borrower if the total amount outstanding and committed to the borrower from the business loan and SBA investment funds would exceed $1 million (currently $750,000).

Makes current provisions requiring the payment of accrued interest on defaulted guaranteed loans inapplicable to loans made on or after October 1, 1999.

Requires a borrower who prepays any loan guaranteed by the SBA to remit to the SBA a subsidy recoupment (calculated under this Act) if: (1) the loan is for a period of less than 15 years; (2) the prepayment is voluntary; (3) the amount of prepayment in any calendar year is more than 25 percent of the outstanding loan balance; and (4) the prepayment is made within the first three years after disbursement of the loan proceeds.

Revises loan guarantee fee amounts. Authorizes lenders participating in an SBA program to retain no more than 25 percent of such fee with respect to any loan not exceeding $150,000.

Authorizes a borrower to permanently lease to one or more tenants not more than 20 percent of any property constructed using guaranteed loan proceeds, as long as the borrower permanently occupies and uses not less than 60 percent of the total business space in the property.