S. 3992 — Introduced in Senate

II 118th CONGRESS 2d Session S. 3992 IN THE SENATE OF THE UNITED STATES March 20, 2024Mr. Scott of South Carolina (for himself, Mr. Kennedy, Mr. Risch, Mr. Cramer, Mr. Grassley, Mr. Daines, Mr. Lankford, Ms. Ernst, Mr. Cornyn, Mr. Budd, Mr. Cotton, Mr. Scott of Florida, Mr. Braun, and Mr. Crapo) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To prohibit the Administrator of the Small Business Administration from directly making loans under the 7(a) loan program, and for other purposes. 1. Short title This Act may be cited as the Protecting Access to Credit for Small Businesses Act. 2. Prohibition on direct 7(a) loans (a) In general Notwithstanding any provision of subsection (a) of section 7 of the Small Business Act (15 U.S.C. 636(a)), the Administrator of the Small Business Administration may not directly make a loan pursuant to such subsection. (b) Existing loans The Administrator of the Small Business Administration shall service a direct loan made under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) if such loan was made before the date of enactment of this Act.