PLUS Act of 2022

Bill 117 hr 7396, also known as the Providing Liquidity for Unbanked Small Businesses (PLUS) Act of 2022, aims to address the issue of limited access to financial services for unbanked small businesses. The bill was introduced in the US Congress with the goal of providing these businesses with greater access to capital and resources to help them thrive and grow.

The PLUS Act proposes several key provisions to achieve this goal. Firstly, it calls for the establishment of a pilot program within the Small Business Administration (SBA) to provide grants to community financial institutions that serve unbanked small businesses. These grants would be used to support initiatives such as financial literacy training, technical assistance, and access to affordable credit.

Additionally, the bill seeks to expand the SBA's Microloan Program to include unbanked small businesses, allowing them to access loans of up to $50,000 to help them start or expand their operations. This expansion would help these businesses access the capital they need to invest in their growth and create jobs in their communities. Furthermore, the PLUS Act includes provisions to improve data collection and reporting on unbanked small businesses, in order to better understand their needs and challenges. This data would be used to inform future policy decisions and initiatives aimed at supporting these businesses. Overall, the PLUS Act of 2022 represents a bipartisan effort to address the financial challenges faced by unbanked small businesses and provide them with the resources they need to succeed. By expanding access to capital and support services, this bill aims to promote economic growth and opportunity for all small businesses in the United States.