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Small Business Support: Faster Funding and Extended Deadlines for States

This act modifies the small business credit initiative, making it easier for states to receive and utilize funds. Smaller allocations up to $1 million will be transferred in a single payment, and states will have more time to use the funds, potentially leading to easier access to capital for local businesses.
Key points
States will receive the full allocated amount in a single transfer if it's $1 million or less, speeding up access to funds for small businesses.
States can use up to 3.6% of smaller allocations (up to $1 million) for administrative costs of the program.
Deadlines for states to utilize funds have been extended, providing more time for effective implementation of business support programs.
A mechanism for recouping unused funds by the Secretary has been introduced, which can then be reallocated to Tribal governments.
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Expired
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Additional Information
Print number: 117_HR_7874
Sponsor: Rep. Phillips, Dean [D-MN-3]
Process start date: 2022-05-24
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

SSBCI Improvement Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7874.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-05-24.

What are the main provisions?

Key points include:

  • States will receive the full allocated amount in a single transfer if it's $1 million or less, speeding up access to funds for small businesses.
  • States can use up to 3.6% of smaller allocations (up to $1 million) for administrative costs of the program.
  • Deadlines for states to utilize funds have been extended, providing more time for effective implementation of business support programs.
  • A mechanism for recouping unused funds by the Secretary has been introduced, which can then be reallocated to Tribal governments.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Phillips, Dean [D-MN-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Economy Public Investments