LIONs Act of 2024
HR 9176, the LIONs Act of 2024, increases the maximum loan amount available through the Small Business Administration's 7(a) loan program. It amends the Small Business Act to raise the cap from $3.75 million (or $5 million if exceeding) to $7.5 million (or $10 million if exceeding) for eligible small business loans. This change directly affects small businesses seeking SBA 7(a) loans by allowing them to access larger funding for operations, equipment, or expansion. The key mechanism is updating the statutory loan limit to support more significant business financing needs within the existing program framework.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jul 2024
Committee Review
Floor Vote
President
Introduced Jul 25, 2024
Last action Jul 25, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Jul 25, 2024
Committee
Referred to the House Committee on Small Business.
lower
Jul 25, 2024
Introduced
Introduced in House
lower
1 primary · 5 co-sponsors
Sponsors
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