February 1, 2023
C-Suite Wednesday – House Small Business Committee Passes 3 Bipartisan Bills
Recently, the House Committee on Small Business announced that three bipartisan small business bills were passed. Since then, all three bills have been received in the Senate.
H.R. 399, Small Business Advocacy Improvements Act of 2023 – The SBA’s Office of Advocacy will be allowed to examine the role of small businesses in the international economy and speak on behalf of small businesses before foreign governments and international entities to contribute to regulatory and trade initiatives that may affect small businesses.
H.R. 400, Investing in Main Street Act of 2023 – This bill would amend the Small Business Investment Act of 1958 to increase the amount that may be invested in small business investment companies. Certain banking entities could invest up to 15% of their capital and surplus in one or more small business investment companies (SBICs) or in any entity established to invest only in SBICs. Currently, the limit is set at 5%.
H.R. 449, Microloan Transparency and Accountability Act of 2023 – The bill modifies reporting requirements related to the SBA’s disbursement of certain financial assistance. SBA would have to report certain metrics related to the disbursement of microloans to small businesses including the number, amount, and percentage of such loans that went into default in the previous year. They would also be required to report the extent that microloans are provided to small businesses in rural areas and the average size, rate of interest, and amount of fees charged for each microloan.