CONGRESSWOMAN ELISE STEFANIK
H.R. 3614 is being considered under suspension of the rules, requiring a two-thirds vote for passage. The legislation was introduced by Rep. Nydia Velazquez (D-NY) on September 22, 2009.
H.R. 3614 extends the authorization of the Small Business Administration through October 31, 2009.
H.R. 3614 amends the "stimulus" law (P.L. 111-5) so that loans made to small business under it may include loan guarantees (or loan guarantee commitments made) by the SBA prior to its enactment.
Also, the bill would specify that a New Markets Venture Capital company receiving a grant may not issue debentures for any one company over an amount 10 ten percent of the sum of its private capital and the amount of leverage of the New Markets Venture Capital company in its business plan. The New Markets Venture Capital program of the SBA is a developmental venture capital program designed to promote economic development and the creation of wealth and job opportunities in low-income geographic areas and among individuals living there.
H.R. 3614 was not considered by the Committee on Small Business. The current authorization for the Small Business Administration (SBA) is scheduled to expire on September 30, 2009. Congress has recently passed several short-term SBA reauthorizations. Most recently, the House passed S. 1513 which extended the authorization through the end of Fiscal Year 2009.
The SBA was created in 1953 to aid, counsel, and assist small businesses. The SBA operates various programs and maintains a current business loan portfolio of roughly 220,000 loans worth more than $50 billion, which makes it the largest single financial backer of U.S. businesses.
The Congressional Budget Office (CBO) has not yet produced a cost estimate for H.R. 3614.