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Small Business Loans: Banning Direct 7(a) Lending by SBA.

This bill prohibits the Small Business Administration (SBA) from directly issuing new loans under its primary 7(a) loan program. Small businesses seeking this type of financing will be required to obtain loans exclusively through private lenders, maintaining the traditional structure where the SBA guarantees, but does not originate, the credit. The SBA will continue to manage any direct loans issued before this law takes effect.
Key points
The SBA is prohibited from making any new direct loans to small businesses under the 7(a) program.
Small businesses must seek 7(a) financing solely through private financial institutions.
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Expired
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Additional Information
Print number: 118_S_3992
Sponsor: Sen. Scott, Tim [R-SC]
Process start date: 2024-03-20
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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 118_S_3992.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-03-20.

What are the main provisions?

Key points include:

  • The SBA is prohibited from making any new direct loans to small businesses under the 7(a) program.
  • Small businesses must seek 7(a) financing solely through private financial institutions.
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 2025-12-26.

CATEGORIES

Economy