Today, U.S. Sen. David Vitter (R-La.), Chairman of the Senate Small Business and Entrepreneurship Committee (SBC), announced that the Committee favorably reported three bills during a Business Meeting last night, including Vitter’s bipartisan bill with SBC Ranking Member Senator Jeanne Shaheen (D-N.H.) that would increase oversight and accountability within the Small Business Administration’s (SBA) flagship 7(a) loan program in order to continue supporting entrepreneurs as they start and grow their businesses.
“Passing these three bills through the Small Business Committee takes us a major step forward to ensure small entities and entrepreneurs have access to the tools and resources they need to grow and innovate their businesses,” said Vitter. “I will continue working with my colleagues to pass these important, pro-jobs pieces of legislation through the Senate.”
Last month, Vitter and Shaheen introduced S. 2992, the Small Business Lending Oversight Act of 2016, which would increase accountability by giving enforcement and oversight tools to the SBA to better manage their popular 7(a) loan guaranty program. Click here to read more. In late May, Committee members discussed the need for increased oversight of the agency’s lending programs with SBA Administrator Maria Contreras-Sweet. Click here for more information.
The Committee also favorably reported S. 3024, the Small Business Cyber Security Improvements Act of 2016, which would enable the SBA’s Small Business Development Centers (SBDC) to work with the U.S. Department of Homeland Security (DHS) to assist small businesses in planning for and protecting against cyber security attacks. The House version of this bill, sponsored by U.S. Representatives Richard Hanna (R-N.Y.) and Derek Kilmer (D-Wash.), passed out of its respective House Committee yesterday, as well.
The Committee also passed S. 3009, the National Guard and Reserve Entrepreneurship Support Act, which would update SBA’s Military Reservists Economic Injury Disaster Loan (MREIDL) and Repayment Deferral for Activity Duty Reservists (Repayment Deferral) programs to better serve servicemen and women.
Below is a complete list of bills the SBC Committee favorably reported:
- S. 2992 Small Business Lending Oversight Act of 2016
- S. 3009 National Guard and Reserve Entrepreneurship Support Act
- S. 3024 Small Business Cyber Security Improvements Act of 2016