WASHINGTON—The Small Business Administration (SBA) Reauthorization Act as been introduced by Sen. Ben Cardin (D-MD), with a goal of improving and modernizing existing SBA programs as well as implementing new programs focused on underserved areas.
“The reauthorization of SBA programs is typically supposed to happen every few years. However, this has not been done since 2001. Several efforts from lawmakers, including Sen. Marco Rubio (R-FL) have reauthorized portions of the SBA, over the years,” NAFCU noted in its analysis. “Lawmakers and outside groups have urged for the comprehensive reauthorization of the agency’s programs in order to replace outdated and ineffective policies.”
“Cardin’s bill seeks to modify and grant authorities to implement policies within the SBA. It will also place a special focus on the SBA’s initiatives to better support underserved communities. The bill is unlikely to move forward this year as lawmakers continue to focus on government fundingand will likely be reintroduced in the next Congress,” NAFCU said.
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