Small Business Jobs Act of 2010
Latest action. Became public lawWhat a bill becomes when enacted, numbered by Congress and order of enactment: Public Law 119-4 is the 4th law of the 119th Congress.Read the full definition (opens a new tab) No: 111-240.
Small Business Jobs Act of 2010 - Title I: Small Businesses - Subtitle A: Small Business Access to Credit - Small Business Job Creation and Access to Capital Act of 2010 - Part I: Next Steps for Main Street Credit Availability - (Sec. 1111) Amends the Small Business Act to increase temporarily (until January 1, 2011) to 90% the maximum Small Business Administration (SBA) participation in a loan on a deferred basis under the section 7(a) (general small business loans) guaranteed loan program. Reduces SBA participation in a loan on a deferred basis, after December 31, 2010, from 90% back to: (1) 75% of a loan balance exceeding $150,000; and (2) 85% of a loan balance equal to or less than $150,000. Raises from $1.5 million to $4.5 million (through December 31, 2010, after which only to $3.75 million) the ceiling on the total amount outstanding and committed (by participation or otherwise) to the borrower from the business loan and investment fund. Raises from $2 million to $5 million the maximum gross loan amount. Raises from $1.5 million to $5 million the maximum loan amounts for the section 504 (state and local development company) program. Increases from $35,000 to $50,000 the maximum amount of a microloan (to a start-up, newly-established, and growing small business) under the Microloan program. Increases from $3.5 million to $5 million the maximum total amount of loans to one intermediary participating in the Microloan program.
(Sec. 1114) Amends the American Recovery and Reinvestment Act of 2009 to extend through December 31, 2010: (1) the reduction or elimination of certain fees related to SBA loan guarantees; and (2) the Economic Stimulus Lending Program to guarantee up to 90% of qualifying small business loans made by eligible lenders.
(Sec. 1115) Amends the Small Business Investment Act of 1958 to apply single-business investment limits to SBA-recognized new markets venture capital companies of 10% of the sum of a company's regulatory capital plus the total amount of leverage projected in the participation agreement.
The summary continues for 131 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Public Law" stage on September 27, 2010. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
This bill has been enacted. It is law.
The record's latest action, on September 27, 2010: Became Public Law No: 111-240.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
BARNEY FRANK (D-MA) introduced it on May 13, 2010, and 20 members have since signed on as cosponsors.
They are 20 Democrats.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HousePassed
- SenatePassed
- PresidentSigned into law