SEED Act

Hozzl · 2022-12-29T17:03:52Z

Explore the details of House Bill 7971 SEED Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

12/29/2022, 5:03 PM

Summary of Bill HR 7971

The SEED Act, also known as Bill 117 hr 7971, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to provide funding and support for the development and implementation of sustainable energy projects across the country.

The SEED Act aims to promote the use of renewable energy sources, such as solar, wind, and hydroelectric power, in order to reduce the nation's reliance on fossil fuels and decrease greenhouse gas emissions. The bill includes provisions for grants, loans, and other financial incentives to encourage the growth of the sustainable energy industry.

Additionally, the SEED Act seeks to create jobs in the renewable energy sector and stimulate economic growth in communities that have been impacted by the decline of traditional energy industries. The bill also includes measures to improve energy efficiency in buildings and infrastructure, as well as to promote research and development in clean energy technologies. Overall, the SEED Act is a comprehensive piece of legislation that aims to address the pressing issues of climate change and energy sustainability. If passed, this bill has the potential to significantly impact the way the United States generates and consumes energy in the future.

Congressional Summary of HR 7971

Supporting Entrepreneurs and Economic Development Act or the SEED Act

This bill requires lenders to refer applicants for certain small business loans to a resource partner if the applicant is determined ineligible for a loan under the program. Resource partners, such as small business development centers, provide informational tools and training to support business start-ups and existing business expansion.

Lenders and the Small Business Administration must report on the number of resource partner referrals and the Government Accountability Office must periodically report on the rate of such referrals.

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Current Status of Bill HR 7971

Bill HR 7971 is currently in the status of Bill Introduced since June 7, 2022. Bill HR 7971 was introduced during Congress 117 and was introduced to the House on June 7, 2022. Bill HR 7971's most recent activity was Referred to the House Committee on Small Business. as of June 7, 2022

Bipartisan Support of Bill HR 7971

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7971

Primary Policy Focus

Commerce

Alternate Title(s) of Bill HR 7971

SEED Act

Supporting Entrepreneurs and Economic Development Act

To amend the Small Business Act to require certain lenders and development companies to refer certain borrowers to a resource partner, and for other purposes.