,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #bahh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #ah1 #bjai ,mr4  
,hawley 7= himself & ,mr4 ,coons7       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on ,small
 ,bus9ess & ,entrepr5eur%ip  ,a ,,bill  
,to am5d ! ,small ,bus9ess ,inve/m5t    
,act ( #aieh to improve ! lic5se        
application process = small bus9ess     
inve/m5t companies1 & = o!r purposes4   
#a4 ,%ort title  ,?is ,act may be cit$ z
 ! ,,sbic ,lic5s+ ,improvem5t ,act4  #b4
 ,approval or disapproval ( ,,sbic      
lic5se applications ,section #cja ( !   
,small ,bus9ess ,inve/m5t ,act ( #aieh  
7#ae ,u4,s4,c4 #fha7 is am5d$-- 7#a7 9  
subsection 7a71 by ins]t+ aft] ! fir/   
s5t5ce ! foll[+3 ,not)/&+ ! prec$+      
s5t5ce1 a small bus9ess inve/m5t company
 may be a ,/ate developm5t company t    
qualifies = assi/ance "u title ,v if !  
developm5t company possesses ! p[]s     
reasonably necess>y to p]=m ! functions 
& activities contemplat$ "u ?is title42 

&  7#b7 9 subsection 7c77#b7-- 7,a7 9   
subp>agraph 7,b7--  7i7 by /rik+ clause 
7i7 & ins]t+ ! foll[+3  7i7 if !        
requirem5ts ( ?is section are satisfi$1 
approve ! application &1 n lat] ?an #aj 
bus9ess days aft] ! date ( t approval1  
issue a lic5se = su* op]ation to !      
applicant2 or  2 &  7ii7 9 clause 7ii71 
by ins]t+ 1 :i* %all include specific   
reasons = ! disapproval t are bas$ on   
items 9 ! application aft] disapproval2 
&  7,b7 by add+ at ! end ! foll[+3  7,c7
 ,effect ( disapproval ,) respect to an 
application t ! ,adm9i/rator            
disapproves1 ! applicant may submit to !
 ,adm9i/rator a reque/ = a writt5       
decision reg>d+ t disapproval4  7,d7    
,appeals ,an applicant t submits an     
application ) respect to :i* !          
,adm9i/ration d5ies may submit an appeal
 z foll[s3  7i7 ,) respect to an        
application t is d5i$ by ! ,inve/m5t    
,committee ( ! ,(fice ( ,inve/m5t &     
,innovation ( ! ,adm9i/ration or !      
,inve/m5t ,division ,lic5s+ ,committee (

 ! ,adm9i/ration--  7,i7 n lat] ?an #cj 
days aft] ! date on :i* ! applicable    
committee s d5ies ! application1 !      
applicant may submit an appeal to !     
,*air ( ! ,ag5cy ,lic5s+ ,committee ( ! 
,adm9i/ration 7ref]r$ to 9 ?is          
subp>agraph z ! ,*air72 &  7,,ii7 n lat]
 ?an #cj days aft] ! date on :i* !      
applicant submits an appeal "u subclause
 7,i71 ! ,*air %all--  7aa7 issue a rul+
 ) respect to ! appeal2 &  7bb7 notify !
 applicant reg>d+ ! rul+ ( ! ,*air4     
7ii7 ,) respect to an application t !   
,*air d5ies 9 an appeal submitt$ "u     
clause 7i7-- 7,i7 n lat] ?an #cj days   
aft] ! date on :i* ! ,*air submits !    
notification requir$ "u subclause       
7,,ii77bb7 ( t clause1 ! applicant may  
submit to ! ,adm9i/rator an appeal ( !  
rul+ made by ! ,*air2 &  7,,ii7 n lat]  
?an #cj days aft] ! date on :i* !       
applicant submits an appeal "u subclause
 7,i71 ! ,adm9i/rator %all--  7aa7 issue
 a f9al rul+ ) respect to ! appeal2 &   
7bb7 notify ! applicant reg>d+ ! rul+ ( 

! ,adm9i/rator4  4