S. 2637 — Introduced in Senate

II 113th CONGRESS 2d Session S. 2637 IN THE SENATE OF THE UNITED STATES July 22, 2014 Mr. Levin introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To modify the small business intermediary lending program. 1. Short title This Act may be cited as the SBA Intermediary Lending Program Act of 2014. 2. Small business intermediary lending program Section 7(l) of the Small Business Act (15 U.S.C. 636(l)) is amended— (1) in the subsection heading, by striking Pilot; (2) in paragraph (1)(B), by striking pilot; (3) in paragraph (2)— (A) by striking 3-year ; and (B) by striking pilot; (4) in paragraph (4)— (A) by striking subparagraph (B) and inserting the following: (B) Loan limits (i) In general No single loan to an eligible intermediary under this subsection may exceed $1,000,000. (ii) Total amount The total amount outstanding and committed to an eligible intermediary by the Administrator under the Program may not exceed $5,000,000. ; and (B) by striking subparagraph (G) and inserting the following: (G) Maximum amounts The Administrator may make loans under the Program— (i) during each of fiscal years 2015, 2016, and 2017, in a total amount of not more than $20,000,000; and (ii) during fiscal year 2018 and each fiscal year thereafter, using such amounts as are made available for the Program. ; and (5) by striking paragraph (6).