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Jun 09, 2010

Summary of Amendments Submitted to the Rules Committee for

H.R. 5297 - Small Business Lending Fund Act of 2010

(summaries derived from information provided by sponsors)

Listed in Alphabetical Order

Jun 14, 2010 3:51 PM

Bachmann (MN)


Would redirect federal funds withheld from States found in noncompliance with this act to pay down the national debt.

Bachmann (MN)


Would reduce the State Small Business Credit Initiative's authorized appropriations by half, to $1 billion.

Barrow (GA)


Withdrawn Would task the Secretary of Treasury with requiring eligible financial institutions receiving capital investments under the Small Business Lending Fund Program to provide outreach and advertising to military veteran business owners describing the availability and application process of receiving loans made possible by the Program. It would also task the Secretary to report after 1 year what percentage of Capital Investment Funds went to veteran small business owners.

Bean (IL), Dahlkemper (PA), Ellsworth (IN), Lipinski (IL), Michaud (ME), Halvorson (IL), Moore, Dennis (KS), Quigley (IL), Murphy, Scott (NY), Klein, Ron (FL), Holden (PA), Peters (MI), Markey, Betsy (CO), Welch (VT), Hill (IN)/Hodes(NH)


Revised Would temporarily expand the SBA 504 loan program to allow commercial real estate and fixed asset refinancing for small business owners current on payments. It would raise caps on SBA 504 guarantees to $5 million and to $5.5 million for small manufacturers.

Biggert (IL), Paulsen (MN), Castle (DE), Gerlach (PA), King, Peter (NY)


Would require that no provision in this bill take effect until specific small business tax relief and job creating tax measures are extended for two years, until 2012.

Braley (IA)


Revised Would require the use of plain writing by the Department of the Treasury and the Small Business Administration for documents relevant to obtaining a benefit or service under the bill.

Brown-Waite (FL)


Would strike Title 1 and replace it with a provision excluding small business loan interest income from small banks’ gross income.

Cao (LA)


Withdrawn Would enable the Secretary to provide consideration to Gulf Coast businesses and industries disproportionately affected by the Deepwater Horizon oil spill.

Carson (IN)


Withdrawn Would require States applying to receive federal contribution for their capital access program to submit a report explaining how they plan to provide lending opportunities for small businesses in underserved and low- and moderate-income communities.

Chu (CA), Honda (CA), Green, Al (TX), Carson (IN)


Would (1) require the inclusion of linguistically and culturally appropriate outreach where appropriate to the applicant’s small business lending plan; (2) provide for linguistically and culturally appropriate minority outreach and advertising; (3) explicitly state minority-owned financial institutions are eligible for consideration of by the Secretary for funding; and (4) require the Secretary, to the extent possible, to disaggregate the results of the report on women-owned and minority-owned business by ethnic group and gender.

Cuellar (TX)


Would require the Secretary to take into consideration areas with high unemployment rates that exceed the national average to increase opportunities for small business development.

Dahlkemper (PA), Bean (IL), Welch (VT), Lipinski (IL)


Revised Would add a new title, the "Express Loans Improvements Act of 2010." It would ensure any institution eligible for the Small Business Lending Fund Program will be eligible for the proposed changes to the Express Loans program if these institutions are express lenders.

DeFazio (OR), Welch (VT), Carney (PA)


Would speed up by 1 year the interest rate changes on the capital investment, thereby speeding up small business lending.

DeFazio (OR), Sutton (OH), Welch (VT), Carney (PA)


Would require banks that accept capital investment to post on their website the results of their lending to small businesses.

Driehaus (OH), Connolly (VA), Moore, Dennis (KS)


Revised Would institute a new Office of Small Business Lending Fund Oversight.

Flake, Jeff (AZ)


Would prohibit a small business from receiving a loan under the Small Business Lending Fund program if that small business was awarded an earmark as defined by House rules in the previous 1-year period.

Frank (MA)


Revised Would clarify the pricing for the investment held past the initial repayment period. Would add Community Development Financial Institutions as an eligible institution. Would clarify what “other financial instruments” include. Would clarify reporting requirements for banks participating in the Fund. Would clarify regulator consultation requirements for underwriting Fund applications. Would clarify how installment amounts are transferred to States and requires repayment for intentional audit misstatements. Would insert a requirement for State’s to provide a plan for access to Fund proceeds for small businesses in underserved communities. Would provide that the Small Business Lending Fund, the State Small Business Credit Initiative, and the Small Business Early-Stage Investment Program would receive direct appropriations, instead of authorization for appropriations.

Garrett (NJ)


Would set the effective date of the SBLF program (Title I) to the day after the date TARP expires.

Green, Al (TX)


Would improve disclosures by eligible institutions receiving funding under the program.

Hall, John (NY)


Would create a temporary (2 year) small business direct lending authority within the SBA. The maximum amount of any loan would be $1,500,000, the maximum term for repayment would be 25 years and the loan interest rate would be the prime rate.

Halvorson (IL), Herger (CA), Clarke (NY)


Would substitute "shall" with "may" in Section 31 (b) (2) (B) of the Small Business Act to clarify and confirm federal agency contracting officers' discretion to treat SBA's small business contracting programs equally.

Halvorson (IL), Lipinski (IL)


3rd Revised Would amend the Small Business Investment Act to modernize the SBA’s Small Business Investment Company (SBIC) program by increasing investment from states, revising leverage limitations for successful SBICs, and incentivizing investment in veteran-owned small businesses.

Hensarling (TX)


Would require recipient banks to notify customers of the receipt of SBLF funds both at the recipient's physical location and on their website.

Hensarling (TX)


Would state that banks must have a CAMELS rating of 1 or 2 in order to be eligible for SBLF funds.

Hensarling (TX)


Would require SBLF applicant institutions to certify to Treasury that it has been requested to extend credit to creditworthy persons, but has had insufficient capital to do so.

Hensarling (TX)


Would give the Special Inspector General for TARP (SIGTARP) oversight responsibility for the SBLF to ensure that bailout recipients aren’t able to escape effective oversight.

Inslee (WA)


Would require the Secretary to consider the availability of credit to small businesses to facilitate improvements in energy efficiency and thereby reduce business operating costs when making capital investments in eligible institutions.

Israel (NY)/Barrow


Revised Would add veteran- and women- owned businesses to the groups that will receive outreach under the Small Business Lending Fund established by the bill. It would add veteran-owned businesses to those businesses that should receive consideration in the Fund, add veterans to the study on lending assistance, and require the study to report not just on the number of loans made to women-, veteran- and minority-owned businesses, but the percent of loans that go to them as a part of the program.

Jackson Lee (TX)/Cao (LA)


Revised Would provide funding to eligible institutions that serve small businesses in communities that have suffered negative economic effects as a result of the Deepwater Horizon oil spill with particular consideration to States along the coast of the Gulf of Mexico.

Jackson Lee (TX)


Would provide outreach and promote awareness to under-served communities about the logistics of the bill.

Jackson Lee (TX)


Would define the business plan description to include demographics of areas the applicant serves, the expected number, size, and types of loans to small businesses in such areas; and a strategy for outreach to minority-owned and women-owned businesses.

Loebsack (IA)


Revised Would include a Sense of Congress stating that agriculture operations, farms, and rural communities should receive equal consideration through lending activities for small businesses, particularly small and mid-size farms and agriculture operations; and attention should be given to ensuring there is adequate small business credit and financing availability in the agriculture and farming sectors.

Lowey (NY)


Would raise Small Business Administration loan limits and guarantees for Sections 7(a), 504, and microloans and would reduce fees.

Marshall (GA)


Revised Would extend the FDIC Transaction Account Guarantee Program to December 31, 2013 to help support small business activity in smaller financial institutions.

Matsui (CA)


Withdrawn Would require that the appropriate Federal banking agencies issue guidance on loans made by eligible institutions to ensure that supervisory policies and actions do not inadvertently curtail the availability of credit to sound small business borrowers.

Matsui (CA)


Would require participating financial institutions to include in their business plans - required under the bill - a statement on how they plan to assist small businesses who have experienced weakened credit scores over the past two years during the economic downturn.

Matsui (CA)


Withdrawn Would require the appropriate Federal banking agencies to carry out a program to promote all of their financial credit and loan opportunities available to small businesses.

McClintock (CA)


Would prohibit authorization of appropriations by this bill from being effective following a year with a federal budget deficit.

Michaud (ME)


Revised Would ensure that state-run venture capital fund programs will be able to qualify as “state other credit support programs,” as long as they do not use funds under H.R. 5297 to lend to businesses with more than 750 employees.  It would clarify that state-run venture capital fund programs will be able to qualify as "state other credit support programs," as long as they meet all other requirements.

Michaud (ME)


Withdrawn Would ensure that state programs that use funds to lend to businesses with more than 750 employees will still qualify as a “state other credit support program” as long as they do not use funds authorized through H.R. 5297 to lend to businesses with more than 750 employees.

Miller, Brad (NC), Baca (CA)


REVISED Would expand the definition of “small business lending” used in the bill to include loans made to small business concerns for the purpose of acquiring, constructing, or improving industrial, commercial, residential, or farm buildings.

Minnick (ID), Simpson (ID), Kosmas (FL), Quigley (IL), Marchant (TX)


Revised Would make non-owner occupied commercial real estate loans eligible for the program.

Nye (VA)


Revised Would add four stipulations to the Small Business Lending Fund to ensure small businesses are not excluded from certain programs in the bill: 1) change the measuring tool determining a banks increase of small business lending from dollar amount to the actual number of loans made to small businesses; 2) include Small Business Lending Centers with less than $10 billion in assets as qualified financial institutions to participate in the SBLF; 3) add the SBA definition to define what a small business is; and 4) change the base lending amount from a comparison of the 4Q 2009, to a full year of data.

Owens (NY)


Would strike the repayment deadline and clarify that investments made under the Small Business Lending Fund should count as Tier 1 capital.

Paulsen (MN)


Substitute An amendment in the nature of a substitute that would amend the Internal Revenue Code to allow individual taxpayers an exclusion from gross income for certain items of partnership and S corporation pass-thru income up to $250,000 ($500,000 for married couples filing joint returns).

Paulsen (MN)


Would strike the section of the bill relating to the disparate treatment of S-Corporations.

Paulsen (MN)


Would add veteran owned businesses to the list of considerations taken by the Secretary for the SBLF, and it also would include them as part of the study conducted by the Secretary.

Perlmutter (CO), Gutierrez (IL), Klein, Ron (FL), Kagen (WI)


Revised Would allow small banks to amortize losses or write-downs on commercial real estate loans to increase the availability of credit for small business.

Peters (MI)


Would give Treasury the authority to recoup funds transferred to states before an audit is conducted if the audit finds that the state misused the funds.

Price, Tom (GA)


Revised Would express the Sense of Congress that small business lending is being hindered by mixed messages from federal financial regulators.

Price, Tom (GA)


Would instruct Treasury to dispose of any asset acquired under this act within 30 days following repayment.

Roskam (IL)


Would prohibit any regulation that would have at least a $100 million effect on the economy from taking effect until the House and Senate vote on the regulation.

Sanchez, Loretta (CA)


Would include as part of the selection criteria for investment companies the extent to which the applicant will concentrate investment activities on small business concerns in targeted industries.

Schrader (OR)


Revised Would authorize the establishment of the Small Business Borrower Assistance Program which will create a fund for 7(a) loan borrowers to use if they need help paying the principal or interest payments of their small business loans.

Smith, Adam (WA)


Revised Would direct the Secretary to consider the impact of improving the value of residential and commercial real estate assets on local communities and economies.

Velázquez (NY)


Would add five stipulations to the Small Business Lending Fund to safeguard small businesses in the bill: 1) require financial institutions to charge reasonable interest rates on loans that count towards SBLF incentives; 2) base SBLF incentives on number of loans an institution makes, not just the total dollars of loans; 3) include Small Business Lending Centers with less than $10 billion in assets as qualified financial institutions to participate in the SBLF; 4) add the SBA definition to define what a small business is; and 5) change the base lending amount from a comparison of the fourth quarter of 2009, to a full year of data.

Welch (VT)


Withdrawn Would create a temporary direct lending Capital Backstop program that directs the SBA to establish a process under which a small business may submit an application to the Administrator for the purpose of securing a loan. If a lender does not agree to "originate, underwrite, close and service the loan" the Administrator shall do so.