Small Business Committee Advances New Bills

August 10, 2021

On July 29, the House Committee on Small Business held a hybrid markup of legislation to amend the Small Business Act and the Small Business Investment Act. All seven bills passed out of the committee with bipartisan support.

The following bills passed out of the House Committee on Small Business:

H.R. 4256 – “Investing in Main Street Act”

  • Sponsored by Judy Chu (D-Calif.), cosponsored by Andrew Garbarino (R-N.Y.)
  • The legislation would allow certain banks and savings associations to invest more into small business investment companies (SBICs) by lifting an outdated statutory cap, while ensuring bank regulators maintain sufficient oversight over bank investment in SBICs.

H.R. 4481 – “Small Business 7(a) Loan Agent Transparency Act”

  • Sponsored by Dean Phillips (D-Minn.), cosponsored by Daniel Meuser (R-Pa.)
  • This bill will allow the SBA to better track 7(a) loans submitted by loan agents, ensuring taxpayers funds are safeguarded and this important program for small businesses is not abused.

H.R. 4531 – “7(a) Loan Agent Oversight Act”

  • Sponsored by Rep. Dan Meuser (R-Pa.), cosponsored by Dean Phillips (D-Minn.), Beth Van Duyne (R-Texas)
  • This bill would amend the Small Business Act to require a report on 7(a) agents.

H.R. 3469 –“Veteran Entrepreneurship Training Act of 2021”

  • Sponsored by Bradley Scott Schneider (D-Ill.), cosponsored by Roger Williams (R-Texas)
  • This bill would amend the Small Business Act to authorize the Boots to Business Program for five years.

H.R. 3462 – “SBA Cyber Awareness Act”

  • Sponsored by Jason Crow (D-Colo.), cosponsored by Young Kim (R-Calif.)
  • The bill would require an annual report on the cybersecurity of the Small Business Administration.

H.R. 4515 – “Small Business Development Center Cyber Training Act of 2021”  

  • Sponsored by Andrew Garbarino (R-N.Y.), cosponsored by Dwight Evans (D-Pa.), Chrissy Houlahan (D-Pa.)
  • The legislation would amend the Small Business Act to require cyber certification for small business development center counselors. We previously wrote about this bill here.

H.R. 4513 – “Small Business Advanced Cybersecurity Enhancements Act of 2021”

  • Sponsored by Byron Donalds (R-Fl.), cosponsored by Nydia M. Velazquez (D-N.Y.), Steve Chabot (R-Ohio), Chrissy Houlahan (D-Pa.)
  • The bill would amend the Small Business Act to provide for the establishment of an enhanced cybersecurity assistance and protections for small businesses. We previously wrote more about this bill here.