A BILL
To amend the Small Business Act and the Small Business Investment Act of 1958 to stop the small business credit crunch, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Next Step for Main Street Credit Availability Act of 2009'.
SEC. 2. MAXIMUM AMOUNTS FOR 7(a) LOANS.
Section 7(a)(3)(A) of the Small Business Act (15 U.S.C. 636(a)(3)(A)) is amended by striking `$1,500,000 (or if the gross loan amount would exceed $2,000,000' and inserting `$4,000,000 (or if the gross loan amount would exceed $5,000,000'.
SEC. 3. REFINANCING EXISTING 7(a) LOANS.
(a) In General- Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended by adding at the end the following:
`(34) REFINANCING EXISTING LOANS- A borrower that has received a loan under this subsection may refinance the balance of the loan by applying for a loan from the lender that made the original loan or with another lender.'.
(b) Technical Amendment- Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended by striking `(32) INCREASED' and inserting `(33) INCREASED'.
SEC. 4. MAXIMUM LOAN AMOUNTS UNDER 504 PROGRAM.
Section 502(2)(A) of the Small Business Investment Act of 1958 (15 U.S.C. 696(2)(A)) is amended--
(1) in clause (i), by striking `$1,500,000' and inserting `$4,000,000';
(2) in clause (ii), by striking `$2,000,000' and inserting `$5,000,000'; and
(3) in clause (iii), by striking `$4,000,000' and inserting `$5,500,000'.
SEC. 5. MAXIMUM LOAN LIMITS UNDER MICROLOAN PROGRAM.
Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is amended--
(1) in paragraph (1)(B)(iii), by striking `$35,000' and inserting `$50,000';
(2) in paragraph (3)(E), by striking `$35,000' each place it appears and inserting `$50,000'; and
(3) in paragraph (11)(B), by striking `$35,000' and inserting `$50,000'.
SEC. 6. ONLINE LENDING PLATFORM.
It is the sense of the Congress that the Administrator of the Small Business Administration should establish a website that--
(1) lists each lender that makes loans guaranteed by the Small Business Administration and provides information about the loan rate of each such lender; and
(2) allows prospective borrowers--
(A) to compare rates on loans guaranteed by the Small Business Administration; and
(B) to apply online for loans guaranteed by the Small Business Administration.