Small Business Technological Advancement Act | ChamberLight
Bills · HR 915
PASSED HOUSE· 119TH CONGRESS
House BillHR 915Computer security and identity theftAdvanced technology and technological innovations
Small Business Technological Advancement Act
INTRO FEB 4· LAST ACTION JUL 13
READING
2MIN
COSPONSORS
3
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
Introduced only
LEGISLATIVE PROGRESS
STEP 4 / 8
Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-written
Voters should care because this bill aims to help small businesses, which are vital for local economies and job creation, become more efficient and competitive. Many small businesses struggle to afford the latest technology, putting them at a disadvantage against larger companies. If this bill passes, small businesses could more easily adopt cutting-edge tools, including artificial intelligence, to streamline operations, manage finances better, and improve customer service.
If this bill doesn't pass, small businesses will continue to face the same financial hurdles when trying to acquire new software or cloud services. This could slow their growth, limit their ability to adapt to modern business practices, and potentially make it harder for them to compete effectively in an increasingly digital economy.
KEY PROVISIONS
4AI-extracted
PROVISION 01
Expands eligible uses for Small Business Administration (SBA) loans to include modern business software and cloud computing services.
This makes federal loans accessible for technology upgrades that were not explicitly covered before.
PROVISION 02
Specifically includes business tools that utilize artificial intelligence (AI) as an eligible expense for these loans.
This ensures that small businesses can finance advanced, emerging technologies.
PROVISION 03
Clarifies that these loans cannot be used for research and development activities.
This prevents the loans from being diverted from direct operational improvement to speculative ventures.
PROVISION 04
Clarifies that previous loans made for similar purposes before this act were not considered impermissible.
This avoids creating retroactive issues for businesses that may have already secured funding for technology.
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
SENATE · INTROREFERRAL
JUN 24
Considered as unfinished business. (consideration: CR H4227)
FLOOR
JUN 24
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 4, 1 Present (Roll no. 226).
HOUSE · FLOOR
JUN 24
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 4, 1 Present (Roll no. 226).
Voters should care because this bill aims to help small businesses, which are vital for local economies and job creation, become more efficient and competitive. Many small businesses struggle to afford the latest technology, putting them at a disadvantage against larger companies. If this bill passes, small businesses could more easily adopt cutting-edge tools, including artificial intelligence, to streamline operations, manage finances better, and improve customer service.
If this bill doesn't pass, small businesses will continue to face the same financial hurdles when trying to acquire new software or cloud services. This could slow their growth, limit their ability to adapt to modern business practices, and potentially make it harder for them to compete effectively in an increasingly digital economy.
KEY PROVISIONS
AI-extracted
high
Expands eligible uses for Small Business Administration (SBA) loans to include modern business software and cloud computing services.
This makes federal loans accessible for technology upgrades that were not explicitly covered before.
high
Specifically includes business tools that utilize artificial intelligence (AI) as an eligible expense for these loans.
This ensures that small businesses can finance advanced, emerging technologies.
med
Clarifies that these loans cannot be used for research and development activities.
This prevents the loans from being diverted from direct operational improvement to speculative ventures.
low
Clarifies that previous loans made for similar purposes before this act were not considered impermissible.
This avoids creating retroactive issues for businesses that may have already secured funding for technology.
GLOSSARY
AI-written
Small Business Administration (SBA)
A U.S. government agency that supports small businesses through various programs, including providing loan guarantees.
Cloud computing services
Services like data storage, servers, databases, software, and analytics delivered over the internet ("the cloud") instead of running on a local computer.
Artificial intelligence (AI)
Computer systems designed to perform tasks that typically require human intelligence, such as learning, problem-solving, and decision-making.
Section 7(a) loan
The SBA's primary loan program, which helps small businesses get funding through a network of partner lenders.
Working capital
The funds a company has available for its day-to-day operations, calculated as current assets minus current liabilities.
ACTION TIMELINE
17 EVENTS
JUL 13
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
INTROREFERRAL
JUN 24
Considered as unfinished business. (consideration: CR H4227)
FLOOR
JUN 24
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 4, 1 Present (Roll no. 226).
FLOOR
JUN 24
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 4, 1 Present (Roll no. 226).