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Seven Bills, Most Concentrated on Cybersecurity, Advance From House Small Business Committee

  • House Committee on Small Business has voted seven bills to go before the House of Representatives for a vote by the full membership
  • Measures are largely focused on cybersecurity, with two focusing on the U.S. Small Business Administration’s 7(a) loan program
  • Other bills look to improve capital access and offer entrepreneurship training

Summary by Dirk Langeveld

Seven bills have been voted out of the House Committee on Small Business, three of which focus on improving cybersecurity protections in small businesses. The proposed legislation also seeks to improve small business capital access, improve the performance of U.S. Small Business Administration loans, and offer entrepreneurship training.

The measures, which will go before the House of Representatives for a vote by the chamber’s full membership, include:

  • The Investing in Main Street Act, to increase the share of capital or surplus a financial institutions or federal savings institutions may invest in a Small Business Investment Company from 5 percent to 15 percent, as long as the investment is approved by an appropriate federal banking agency
  • The Small Business 7(a) Loan Agent Transparency Act, which would require the Small Business Administration Office of Credit Risk Management (OCRM) to create a registration system for 7(a) agents to help the OCRM track and evaluate loan performance for loans generated through these agents’ activities
  • The 7(a) Loan Agent Oversight Act, requiring the OCRM to submit an annual report to Congress on the performance of loans generated through 7(a) agents as well as their risks
  • The Veteran Entrepreneurship Training Act of 2021, which would amend the Small Business Act to authorize the “Boots to Business” veteran entrepreneurship training program for five years
  • SBA Cyber Awareness Act, which directs the U.S. Small Business Administration to issue reports assessing its cybersecurity infrastructure and reporting threats, breaches, and cyberattacks
  • The Small Business Development Center Cyber Training Act of 2021, which would establish a cyber counseling certification program through the network of Small Business Development Centers to provide free cyber training for small businesses
  • The Small Business Advanced Cybersecurity Enhancements Act of 2021, which works to encourage small businesses to assist the federal government in protecting against cyberattacks

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