HR 6219 · 111th Congress · Commerce

Small Business Jobs Amendments Act of 2010

Introduced 2010-09-28· Sponsored by Rep. Frank, Barney [D-MA-4]· House

Bill Progress

Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Financial Services.(2010-09-28)

Plain Language Summary

[AI summary unavailable — showing source text] Small Business Jobs Amendments Act of 2010 - Amends the Small Business Jobs Act of 2010 with respect to the Small Business Lending Fund Program (Program) to: (1) remove the requirement that a community development loan fund (CDLF) be a tax-exempt entity; (2) include as an eligible institution under the Program any small business lending company that has total assets equal to or less than $10 billion; and (3) include as authorized small business lending nonowner-occupied commercial real estate loans. Directs the Secretary of the Treasury to develop eligibility criteria to determine the financial ability of a CDLF to participate in the Program. Allows CDLFs to apply to receive from the Small Business Lending Fund up to 10% (current law allows up to 5%) of the total assets of the CDLF for investment in small businesses. Provides: (1) dividend and interest incentives for participating loan institutions based on increases in small business lending; and (2) an authorized alternative computation of small business lending by such institutions. Requires eligible institutions to: (1) provide Program outreach to Indian tribes; and (2) include on its Internet website a statement that the insti…

Summarized by Claude AI · Non-partisan · For informational purposes only