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House Bill 6342
116th Congress(2019-2020)
SBIC Capital Infusion Act of 2020
Introduced
Introduced
Introduced in House on Mar 23, 2020
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Introduced in House 
Mar 23, 2020
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Introduced in House(Mar 23, 2020)
Mar 23, 2020
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H. R. 6342 (Introduced-in-House)


116th CONGRESS
2d Session
H. R. 6342


To amend the Small Business Investment Act of 1958 to provide additional assistance for small businesses affected by the COVID–19 outbreak, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

March 23, 2020

Ms. Davids of Kansas introduced the following bill; which was referred to the Committee on Small Business

A BILL

To amend the Small Business Investment Act of 1958 to provide additional assistance for small businesses affected by the COVID–19 outbreak, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “SBIC Capital Infusion Act of 2020”.

SEC. 2. Additional leverage for small businesses affected by the COVID–19 outbreak.

(a) In general.—Section 303(b)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) is amended by adding at the end the following:

“(E) ADDITIONAL LEVERAGE BASE ON INVESTMENT.—

“(i) EXCLUSION OF AMOUNTS.—In calculating the outstanding leverage of a company for purposes of subparagraph (A) or (B), the Administrator shall exclude the amount of leverage outstanding to covered small businesses, not to exceed an amount equal to $100,000,000, if the amount excluded is used exclusively for working capital purposes.

“(ii) COVERED SMALL BUSINESS DEFINED.—In this subparagraph, the term ‘covered small business’ means a small business concern is located in a State or United States territory with at least one confirmed or presumed positive case of COVID–19.”.

(b) Application.—Notwithstanding any other provision of law, for purposes of additional leverage requested under subparagraph (E) of section 303(b)(2) of the Small Business Investment Act of 1958, as added by subsection (a), the Administrator shall approve or deny such request within 14 calendar days of receipt by the Administrator of the request.

SEC. 3. New Markets Venture Capital Program.

Section 368(a) of the Small Business Investment Act of 1958 (15 U.S.C. 689q(a)) is amended—

(1) by striking “fiscal years 2001 through 2006” and inserting “fiscal years 2020 through 2025”;

(2) in paragraph (1), by striking “$150,000,000” and inserting “$10,000,000,000”; and

(3) in paragraph (2), by striking “$30,000,000” and inserting “$2,000,000,000”.