H.R. 3014: Small Business Health Information Technology Financing Act

H.R. 3014

Small Business Health Information Technology Financing Act

Date
November 17, 2009 (111th Congress, 1st Session)

Staff Contact
Communications

Floor Situation

The House is scheduled to consider H.R. 3014, under suspension of the rules, requiring a two-thirds majority vote for passage.  H.R. 3014 was introduced on June 24, 2009, by Rep. Kathy Dahlkemper (D-PA).  The bill was incorporated into H.R. 3854, which passed the House on October 29, 2009, by a vote of 389-32.

 

Bill Summary

H.R. 3014 amends the Small Business Act to establish a new small business health information technology financing program.  The SBA Administrator would be authorized to guarantee up to 90 percent of the amount of a loan made to a medical practitioner for the acquisition of health information technology for use in medical practice and for the costs associated with the installation of the technology.  The maximum amount of loan principal guaranteed could not exceed $350,000 for a single medical professional or $2 million for a group of associated professionals.

 

The Administrator may impose a guarantee fee on the borrower for the purpose of reducing the cost of the guarantee to zero.  The Administrator may also impose annual servicing fees on lenders not to exceed 0.5 percent of the outstanding balance of the guarantees on lenders' books.  Loans guaranteed would have a deferral period of one to three years.

 

The bill authorizes such sums as are necessary for the cost of guaranteeing $10 billion in health IT loans.

 

Cost

A CBO score for H.R. 3014 is not yet available.