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Two New Bills Just Proposed That Will Change Everything…
Huge news! Two new bills are being introduced to the SBA loan program and they will change everything. This decision is a bipartisan effort between republicans and democrats. These changes include more protections… as well as working towards “streamlining” the application process.
Find out what these two bills are, what they mean, and… is the SBA “acting Like It’s Run by a Bunch of Drunken Sailors?”
Republican senators John Kennedy (not to be confused with the former U.S. president) and Tim Scott JUST today have introduced the “Protecting Access to Credit for Small Businesses Act.”
The goal is to stop Democrats from turning the SBA into a direct lender for the 7(a) program through their partisan spending plan.
Kennedy said: “Fraud and inefficiency characterize the Small Business Administration’s history in direct lending. The government shouldn’t encroach on a space where private lenders are already doing a good job getting funds to the small businesses that need them…
I’m proud to partner with Sen. Scott to stop the SBA from replacing community and other private lenders with bureaucrats.”
Kennedy went on to say that he doesn’t believe in “forcing” the banks and credit unions to compete with a massive government agency.