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Small Business Loans Expanded for Software and Cloud Technology Upgrades.

This law expands financing options for small business owners, allowing them to use Small Business Administration (SBA) loans to purchase modern software and cloud computing services. The goal is to facilitate digitalization and streamline daily business operations, such as managing payroll, sales, and inventory. While directly impacting entrepreneurs, this change can lead to improved efficiency in small businesses, indirectly affecting service quality and local job market stability for citizens.
Key points
Small businesses can now secure SBA loans specifically for business software and cloud computing services.
Funding covers tools for managing payroll, human resources, sales, accounting, and inventory tracking.
The change aims to support the digital modernization of small enterprises across the US.
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Expired
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Additional Information
Print number: 118_S_2330
Sponsor: Sen. Young, Todd [R-IN]
Process start date: 2023-07-18
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small Business Technological Advancement Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_2330.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-07-18.

What are the main provisions?

Key points include:

  • Small businesses can now secure SBA loans specifically for business software and cloud computing services.
  • Funding covers tools for managing payroll, human resources, sales, accounting, and inventory tracking.
  • The change aims to support the digital modernization of small enterprises across the US.
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. Young, Todd [R-IN].

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 2025-12-26.

CATEGORIES

Economy Informatization