7(a) Program Risk Oversight Act

The 7(a) Program Risk Oversight Act requires the Small Business Administration to include more detailed risk analyses in its annual reports regarding the 7(a) loan guarantee program. These reports must break down program risk by specific loan amounts, the age of the business, the type of lender, and the timing of the loan origination. The bill also mandates that the Administrator separately report on fraud cases, loans that are delinquent, and the recovery of defaulted loans. Additionally, the act makes the final annual report available to the public on the SBA website within seven days of submission to Congress.