Small Business Act (United States)
.svg) | |
| Long title | An Act to create the Small Business Administration and to preserve small business institutions and free, competitive enterprise |
|---|---|
| Enacted by | the 83rd United States Congress |
| Citations | |
| Public law | Pub. L. 83–163 |
| Legislative history | |
| |
The Small Business Act is an Act of Congress that created the Small Business Administration. It was enacted July 30, 1953 originally as the Small Business Act of 1953 as Title II of Pub. L. 83–163 (ch. 282, 67 Stat. 232. It was codified at 15 U.S.C. ch. 14A.
The Reconstruction Finance Corporation Liquidation Act, which was Title I of Pub. L. 83–163, abolished the Reconstruction Finance Corporation.
Amendments
The Small Business Act Amendments of 1958 (Pub. L. 85–536, 72 Stat. 384, enacted July 18, 1958) withdrew Title II as part of that act and made it a separate act to be known as the "Small Business Act". Its function was and is to "aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns".
It was amended in 1978 (Pub. L. 95–507) resulting in contracting requirements that resulted in the establishment of Office of Small and Disadvantaged Business Utilizations.
It was amended again in 1988 with Public Law 100-646 requiring projections for procurement planning.[1]
It was amended in 2020 by the Paycheck Protection Program Flexibility Act of 2020 (Pub. L. 116–142 (text) (PDF)), which loosened the requirements for loan forgiveness.[2]
References
- ^ https://apfs.dhs.gov/about/
- ^ Michael Bonner (2020-06-08). "PPP Flexibility Act loosens guidelines for businesses to ensure more loans will be forgiven". Syracuse.com. Retrieved 2020-06-10.