Apr 24 2015

Fischer Applauds Passage of Small Business Bills

Small Business Committee Passes Legislation Cosponsored by Senator Fischer to Roll Back Regulations and Support Veterans and Families

WASHINGTON – U.S. Senator Deb Fischer (R-Neb.) applauded the successful passage of three bills today, following their approval by the Senate Small Business Committee yesterday. The legislation, which Senator Fischer cosponsored, included The Veterans Entrepreneurship Act, The CLEAR Act, and The CREED Act. Each of these bills provide incentives to small businesses so that they can grow and create jobs. Senator Fischer released the following statement on their passage this morning:

“Small businesses drive Nebraska’s economy, and I am proud to support three common-sense measures that will reduce burdensome federal regulations to help them grow. One in particular, known as the Veterans Entrepreneurship Act, would expand career opportunities for our veterans before and after their deployments. I was pleased to see these bills pass out of committee today, and I hope they move to the Senate floor as quickly as possible.”

Below is a brief summary of the bills passed out of the Senate Small Business Committee yesterday. For more information, click on the links within each title:

S. 957 – The Veterans Entrepreneurship Act
(Cosponsored by Senator Fischer)

This legislation would permanently waive fees associated with small and medium-sized Small Business Administration (SBA) Express loans, making them less expensive for veterans. SBA loan guarantee fees typically cost borrowers thousands of dollars. Providing additional fee waivers for veteran-owned small businesses is a simple and effective way of supporting veteran entrepreneurship. The bill would also increase oversight of existing veterans SBA programs to identify solutions that would better serve veterans, women veterans, and reservists before and after deployment.

S. 967 – The Communication Lender Activity Report (CLEAR) Act
(Cosponsored by Senator Fischer)

The CLEAR Act would make SBA lending activity more transparent. Specifically, the bill directs the SBA administrator to make publicly available a user-friendly database – or a Lender Activity Index – with information relating to lenders providing SBA loans. That way, prospective borrowers could target lenders based on location, industry, profile, size of loans, or stage of business.

Fischer Amendment to S. 967 CLEAR Act

Senator Fischer’s amendment stipulates that in creating the database described above, the SBA cannot require additional paperwork from lenders or otherwise increase the burden on them in any way. Additionally, Fischer’s amendment clarified that the SBA is expected to use existing funds to create the database so there would be no increased cost to taxpayers.

S. 966 – The Commercial Real Estate and Economic Development Act of 2015 (CREED Act)
(Cosponsored by Senator Fischer)

The CREED Act seeks to reinstate the 504 refinancing program for five years. The program allows small businesses to refinance existing qualified commercial real estate debt through the 504 loan program. This would lower companies’ monthly mortgage payments or extricate them from costly balloon loans that have the potential to put the companies out of business.