Washington, D.C.— Today, the House Small Business Committee under Chairwoman Nydia M. Velázquez, passed seven bipartisan bills to improve SBA lending programs, boost small business cyber-security, and reauthorize a program providing entrepreneurial development training to veterans.
“After a year plus of fighting the pandemic, small businesses are finally getting closer to normalcy thanks to vaccines and other public health measures. Today, our committee worked in a bipartisan basis to pass measures that will better support small firms as they continue to progress toward recovery,” said Chairwoman Velázquez. “These bills will help ensure more small businesses are well capitalized, protected from cyber threats, and have the training resources needed to succeed.”
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. 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 OCRM to submit an annual report to Congress regarding the performance of and risk associated with loans generated through loan agent activity.
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. 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. 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.
H.R. 4513, “Small Business Advanced Cybersecurity Enhancements Act of 2021”
Introduced by Rep. Byron Donalds (R-FL) Rep. Nydia Velázquez (D-NY), Steve Chabot (R-OH), and Chrissy Houlahan (D-PA)
The bill would encourage small businesses to work with the federal government to protect them from cyberattacks.