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Prohibiting Direct SBA 7(a) Loans for Small Businesses

This act prohibits the Small Business Administration (SBA) from directly issuing loans under the 7(a) loan program. This means small businesses will need to apply for these loans exclusively through banks and other financial institutions, rather than directly from the government. The SBA will continue to service loans made before this act's enactment.
Key points
Small businesses can no longer apply for 7(a) loans directly from the Small Business Administration (SBA).
7(a) loans will only be available through private banks and other financial institutions.
The SBA will continue to manage and service loans that were directly issued before this change.
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Expired
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Additional Information
Print number: 117_S_3382
Sponsor: Sen. Scott, Tim [R-SC]
Process start date: 2021-12-14
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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

Protecting Access to Credit for Small Businesses Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3382.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-12-14.

What are the main provisions?

Key points include:

  • Small businesses can no longer apply for 7(a) loans directly from the Small Business Administration (SBA).
  • 7(a) loans will only be available through private banks and other financial institutions.
  • The SBA will continue to manage and service loans that were directly issued before this change.
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. Scott, Tim [R-SC].

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