2021: Schweikert Voted To Modify The 504 Loan Program, Which Would Increase The Maximum Loan Amount From $5.5 Million To $6.5 Million For Small Manufacturers. In April 2021, Schweikert voted for the 504 Modernization and Small Manufacturer Enhancement Act of 2021 which would, according to Congressional Quarterly, "make a number of changes to the Small Business Administration 504 loan program, which provides loans for major fixed assets, such as real estate and heavy equipment. It would increase from $5.5 million to $6.5 million the maximum loan amount for projects by small manufacturers. It would expand the list of policy goals for loan-eligible projects to include workforce development through training programs, expansion of employee-owned business development, reducing costs through the use of energy efficient products and generating renewable energy, aid for areas affected by disasters and expansion of businesses with 10 or fewer employees. Among other changes, it would include provisions to streamline the loan closing process for the program by allowing development companies to conduct certain administrative functions; increase job creation or retention requirements for loan recipients; and modify rules for the leasing of facilities constructed, acquired or renovated using loan funds." The vote was on passage. The House passed the bill by a vote of 400-16. The Senate did not take substantive action on the bill. [House Vote 116, 4/15/21; Congressional Quarterly, 4/15/21; Congressional Actions, H.R. 1490]
The Bill Would Make The 504 Loan Program Manufacturer-Accessible Through Certified Development Company Intermediaries. According to The Guardian, "This bill, which passed the House in mid-April and is awaiting a Senate vote, is designed to make the Small Business Administration's (SBA) 504 Loan Program more accessible to manufacturers through certified development company (CDC) intermediaries." [The Guardian, 6/10/21]
The Bill Would Increase The Loan Amount Accessible For Small Manufacturers And Lightens Some Requirements, While Requiring The Small Business Administration To Conduct Trainings. According to The Guardian, "The bill increases the loan amount available for small manufacturers and relaxes some collateral requirements, as well requiring the SBA to provide training." [The Guardian, 6/10/21]
The Bill Would Have Expanded Policy Goals For 504 Loan-Eligible Projects, Which Would Include Trainings, Cutting Costs Through Energy Efficient Product Usage, Aiding The Revitalization Of A Disaster-Struck Area, Employee-Owned Business Expansion, And Small Business Expansion. According to Congressional Quarterly, "expand the list of policy goals for loan-eligible projects to include workforce development through training programs, expansion of employee-owned business development, reducing costs through the use of energy efficient products and generating renewable energy, aid for areas affected by disasters and expansion of businesses with 10 or fewer employees. [Congressional Quarterly, 4/15/21]
The Bill Would Make Manufacturers Eligible For Funding, Which Can Be Up To $6.5 Million, If They Use The Funding For Energy Efficiency Or Revitalization Of An Area Affected By A Disaster. According to The Guardian, "The manufacturers would be able to apply for the funding -- which can be as much as $6.5m -- if they can show that funds will be used for energy efficiency or aid in the revitalization of a disaster area." [The Guardian, 6/10/21]
The Bill Would Have Modernized The 504 Loan Program's Closing Process, Increased Job Retention Requirements And Modified Leasing Rules Of Facilities Acquired With Loan Funds. According to Congressional Quarterly, "include provisions to streamline the loan closing process for the program by allowing development companies to conduct certain administrative functions; increase job creation or retention requirements for loan recipients; and modify rules for the leasing of facilities constructed, acquired or renovated using loan funds. [Congressional Quarterly, 4/15/21]
2022: Schweikert Voted Against Appropriating $1.1 Billion To The Small Business Administration For FY 2023. In July 2022, according to Congressional Quarterly, Schweikert voted against the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2023, which would provide "$1.1 billion for the Small Business Administration." The vote was on passage. The House passed the bill by a vote 220-207, thus the bill was sent to the Senate. The Senate did not take substantive action on the legislation. Congress passed and signed into law the FY 2023 Budget through H.R. 2617. [House Vote 383, 7/20/22; Congressional Quarterly, 7/20/22; Congressional Actions, H.R. 8294]
2021: Schweikert Voted For Requiring A Portfolio Risk Analysis And Report On The Effectiveness Of The Small Business Administration Microloan Program. In April 2021, Schweikert voted for the Microloan Transparency and Accountability Act of 2021 which would, according to Congressional Quarterly, "require the Small Business Administration to submit to Congress annually and make publicly available a portfolio risk analysis and a report on the effectiveness of the administration's microloan program, including information on the average size and interest rate of each microloan, the number of underserved borrowers participating and the extent to which microloans are provided to rural small businesses." The vote was on passage. The House passed the bill by a vote of 409-4. [House Vote 115, 4/15/21; Congressional Quarterly, 4/15/21; Congressional Actions, H.R. 1487]
2021: Schweikert Voted To Modify The Requirements For The Small Business Administration Microloan Program, Which Would Make Intermediary Lenders Eligible For Lower Interest Rates If They Provide Small Business Loans Of $10,000 Or Less. In April 2021, Schweikert voted for the Microloan Improvement Act of 2021 which would, according to Congressional Quarterly, "modify requirements for the Small Business Administration microloan program. Among other provisions, it would make intermediary lenders that provide loans to small businesses of $10,000 or less eligible for a lower interest rate." The vote was on passage. The House passed the bill by a vote of 397-16. The Senate did not take substantive action on the bill. [House Vote 114, 4/15/21; Congressional Quarterly, 4/15/21; Congressional Actions, H.R. 1502]
The Bill Would Have Extended Lines Of Credit To Borrowers For Microloans Offered By Intermediaries. According to Congressional Quarterly, "authorize intermediaries offering microloans, such as nonprofits and community development corporations, to extend lines of credit to borrowers." [Congressional Quarterly, 4/15/21]
The Bill Would Have Adjusted The Repayment Terms For A Microloan To Seven Years For Microloans Under $10,000 And 10 Years For Microloans Over $10,000. According to Congressional Quarterly, "adjust maximum repayment terms from eight years, as established by previous coronavirus relief law, to seven years for microloans of $10,000 or less and 10 years for microloans greater than $10,000." [Congressional Quarterly, 4/15/21]
The Bill Would Have Reserved 15% Of Microloan Program Funding For Designated "Underutilized States. According to Congressional Quarterly, "require the SBA to allocate 15% of microloan program funding for 'underutilized states.'" [Congressional Quarterly, 4/15/21]
2024: Schweikert Voted To Establish An Office Of Native American Affairs Within The Small Business Administration. In February 2024, Schweikert voted for , according to Congressional Quarterly, "the bill, that would provide the statutory authorization for the Office of Native American Affairs within the Small Business Administration, to provide small business resources to tribal communities, including consultations with tribal leaders and outreach to tribal businesses. The bill also would authorize the office to provide direct assistance, including grants, contracts, cooperative agreements or other financial support to assist Native American tribes, Native Hawaiian Organizations and private tribal nonprofit organizations in providing entrepreneurial training, counseling, workshops, educational outreach, and networking opportunities. Recipients could also use that assistance to help tribal members access SBA loan programs. The office also would be tasked, to the extent reasonable, with educating Native American tribes and NHOs on relevant programs administered by other federal agencies. It also would terminate the authorization seven years after the bill's enactment." The vote was on passage. The House passed the bill by a vote of 402 to 16. [House Vote 57, 2/29/24; Congressional Quarterly, 2/29/24; Congressional Actions, H.R. 7102]
2022: Schweikert Voted Against An Amendment That Reallocated $6.7 Million For Small Business Administration Entrepreneurial Development Programs, Especially The SCORE Business Mentorship Program. In July 2022, according to Congressional Quarterly, Schweikert voted against en bloc amendments no. 7 to the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2023, which would, in part, "reallocate $6.7 million for Small Business Administration entrepreneurial development programs, intended for the SCORE business mentorship program." The vote was on the adoption of amendments. The House adopted the amendments by a vote 355-56. [House Vote 379, 7/20/22; Congressional Quarterly, 7/20/22; Congressional Actions, H.Amdt. 299; Congressional Actions, H.R. 8294]