"House Passes Set of Six Bipartisan Small Business Bills"
Summary
A release dated November 2, 2021 reporting that the House passed six bipartisan bills from the House Small Business Committee, with a statement from Chairwoman Nydia M. Velázquez (D-NY). H.R. 3469, the Veteran Entrepreneurship Training Act of 2021, authorizes the Boots to Business program for five years, and H.R. 4256, the Investing in Main Street Act, would raise the percent of capital and surplus a financial institution may invest in a Small Business Investment Company from 5 to 15 percent. H.R. 3462, the SBA Cyber Awareness Act, directs SBA to report on its cybersecurity infrastructure and on cyber-threats. H.R. 4481 and H.R. 4531 address 7(a) loan agents, through a registration system with unique identifiers and an annual OCRM report to Congress. H.R. 4515 would establish a cyber counseling certification program in Small Business Development Centers.
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House Passes Set of Six Bipartisan Small Business Bills November 2, 2021 Washington, D.C.— Today, the House passed a set of six bipartisan bills that originated out of the House Small Business Committee. The bills feature measures to improve critical SBA lending programs and boost small business cyber-security protections. One bill, H.R. 3469, will reauthorize a program providing entrepreneurial development training to veterans. The House passed the legislation as the nation celebrates National Veterans Small Business Week. “As small businesses continue to build back better in the wake of the COVID crisis, Congress must boost support for entrepreneurs in areas crucial to everyday success,” said Chairwoman Nydia M. Velázquez (D-NY). “These bipartisan bills will help ensure that small businesses are well-capitalized, better protected, and adequately trained.” H.R. 3469, “Veteran Entrepreneurship Training Act of 2021” Introduced by Rep. Bradley Schneider (D-IL) and Rep. Roger Williams (R-TX) The bill amends the Small Business Act to authorize the “Boots to Business” veteran entrepreneurship training program for five years. H.R. 4256, “Investing in Main Street Act” Introduced by Rep. Judy Chu (D-CA) and Rep. Andrew Garbarino (R-NY) The bill would increase the percent of capital and surplus a financial institution or federal savings institution may invest in an Small Business Investment Company from 5 to 15 percent, subject to the approval of the appropriate federal banking agency. H.R. 3462, “SBA Cyber Awareness Act” Introduced by Rep. Jason Crow (D-CO) and Rep. Young Kim (R-CA) The bill directs SBA to issue reports that assess its cybersecurity infrastructure and report cyber-threats, breaches, and cyber-attacks. H.R. 4481, “Small Business 7(a) Loan Agent Transparency Act” Introduced by Rep. Dean Phillips (D-MN) and Rep. Dan Meuser (R-PA) The bill would require the Small Business Administration Office of Credit Risk Management (OCRM) to establish a registration system for 7(a) agents that assigns each a unique identifier and collects data to help OCRM track and evaluate loan performance for loans generated through loan agent activity. H.R. 4531, “7(a) Loan Agent Oversight Act” Introduced by Rep. Daniel Meuser (R-PA) and Rep. Dean Phillips (D-MN) The bill requires the OCRM to submit an annual report to Congress regarding the performance of and risk associated with loans generated through loan agent activity. H.R. 4515, “Small Business Development Center Cyber Training Act of 2021” Introduced by Reps. Andrew Garbarino (R-NY), Dwight Evans (D-PA), Steve Chabot (R-OH), and Chrissy Houlahan (D-PA) The bill would establish a cyber counseling certification program in Small business Development Centers (SBDCs) to provide specific, free-of-charge cyber training for small businesses. The cyber training provided by the nationwide network of SBDCs will offer crucial resources for small businesses to plan and implement cybersecurity protections and combat cyberattacks.
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