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Changes to Small Business Credit Program Funding

New rules make it easier for states with smaller funding amounts to access funds for small business support, allow them to cover some administrative costs, and extend program deadlines. This aims to streamline the program and improve the use of available funds.
Key points
States receiving up to $1 million can get the full amount in a single transfer.
States with smaller funds can use up to 3.6% for program administrative costs.
Rules are introduced for recouping unused funds from states after 3 or 6 years.
Recouped funds may be reallocated to Tribal governments.
Key program deadlines have been extended.
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Additional Information
Print number: 117_S_4476
Sponsor: Sen. Klobuchar, Amy [D-MN]
Process start date: 2022-06-23
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Summarized by: gemini-2.5-flash-preview-04-17
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_S_4476.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-06-23.

What are the main provisions?

Key points include:

  • States receiving up to $1 million can get the full amount in a single transfer.
  • States with smaller funds can use up to 3.6% for program administrative costs.
  • Rules are introduced for recouping unused funds from states after 3 or 6 years.
  • Recouped funds may be reallocated to Tribal governments.
  • Key program deadlines have been extended.
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. Klobuchar, Amy [D-MN].

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.

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