Small Business Access to Capital Act of 2020

Senate Bill 3551 - Small Business Access to Capital Act of 2020: Overview, Status, and Impact

Hozzl · 2022-02-08T23:23:05Z

Explore the details of Senate Bill 3551 Small Business Access to Capital Act of 2020 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

2/8/2022, 11:23 PM

Congressional Summary of S 3551

Small Business Access to Capital Act of 2020

This bill reauthorizes for an additional eight years the State Small Business Credit Initiative.

The initative assists participating states in providing collateral financial support to, and other innovative credit access and guarantee initiatives for, small businesses and manufacturers.

The bill prescribes allocations of federal funds to participating states, and it authorizes the Department of the Treasury to award up to $2 billion in two tranches (portions), according to specified criteria, for participating states to (1) make federal contributions to an approved state program, or (2) use as collateral for a qualifying loan or swap funding facility.

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Current Status of Bill S 3551

Bill S 3551 is currently in the status of Bill Introduced since March 20, 2020. Bill S 3551 was introduced during Congress 116 and was introduced to the Senate on March 20, 2020. Bill S 3551's most recent activity was Read twice and referred to the Committee on Small Business and Entrepreneurship. as of March 20, 2020