A bill to waive participant fees on small-dollar and veteran Express loans in the largest loan program of the Small Business Administration to close the capital gap for underserved business owners, and for other purposes.
Small-Dollar and Veterans Loans Enhancement Act
This bill eliminates or reduces fees on Small Business Administration (SBA) small-dollar loans for borrowers and certain lenders.
Specifically, in years when the SBA projects its loan programs will operate at a surplus, the SBA must waive or reduce to the maximum extent possible (1) guarantee and yearly fees on all loans to small-dollar borrowers; (2) guarantee fees on express loans to veterans; and (3) if funds allow, fees for lenders making express loans to veterans.
The Congressional Budget Office shall submit an estimate of the cost of providing such fee waivers or reductions.
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
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