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Small Business Support: Larger Loans and Lower Fees

This act aims to make it easier for small businesses to access funding through the 7(a) loan program. For one year, businesses can apply for larger loans and will not have to pay certain fees, which can help them grow and maintain jobs.
Key points
Elimination or significant reduction of loan fees for small businesses for one year, lowering the cost of obtaining financing.
Increase in the maximum loan amount small businesses can receive from $5 million to $10 million, providing greater investment opportunities.
Increase in government guarantees for loans to 95% for most loans, making it easier for businesses to obtain them.
Issuance of new guidelines for lenders to better adapt loan terms to current economic conditions.
article Official text account_balance Process page
Expired
Citizen Poll
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Additional Information
Print number: 117_S_174
Sponsor: Sen. Rubio, Marco [R-FL]
Process start date: 2021-02-02
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small Business Access to Recovery Capital Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_174.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-02-02.

What are the main provisions?

Key points include:

  • Elimination or significant reduction of loan fees for small businesses for one year, lowering the cost of obtaining financing.
  • Increase in the maximum loan amount small businesses can receive from $5 million to $10 million, providing greater investment opportunities.
  • Increase in government guarantees for loans to 95% for most loans, making it easier for businesses to obtain them.
  • Issuance of new guidelines for lenders to better adapt loan terms to current economic conditions.
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 Sen. Rubio, Marco [R-FL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy