Text of Senate Amendment 6309

On 2026-06-24, Senator Joni Ernst (R-IA) delivered a floor speech titled "Text Of Senate Amendment 6309" in the Senate.

Text of Senate Amendment 6309

Congressional Record, Volume 172 Issue 106 (Wednesday, June 24, 2026) [Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)] [Senate] [Pages S3445-S3446] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 6309. Ms. ERNST (for herself, Mr. Coons, Mr. Young, Mr. Husted, Ms. Cortez Masto, and Mr. Scott of South Carolina) submitted an amendment intended to be proposed by her to the bill S. 4784, to authorize appropriations for fiscal year 2027 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; which was ordered to lie on the table; as follows: At the appropriate place, insert the following: SEC. ___. INCREASED LOAN LIMITS FOR SMALL MANUFACTURERS. (a) Definitions.--Section 3 of the Small Business Act (15 U.S.C. 632) is amended by adding at the end the following: ``(gg) Small Manufacturer.--In this Act, the term `small manufacturer' means a small business concern-- ``(1) the primary business of which is classified in sector 31, 32, or 33 of the North American Industrial Classification System; and ``(2) all of the production facilities of which are located in the United States.''. (b) Small Business Act Loan Limits for Small Manufacturers.--Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended-- (1) in paragraph (3)-- (A) in subparagraph (A)-- (i) by inserting ``except as provided in subparagraph (B),'' before ``if the total''; (ii) by striking ``would exceed $3,750,000'' and inserting the following: ``would exceed-- ``(i) $3,750,000''; [[Page S3446]] (iii) in clause (i), as so designated, by striking ``, except as provided in subparagraph (B);'' and inserting ``; or''; and (iv) by adding at the end the following: ``(ii) in the case of a borrower that is a small manufacturer, $7,500,000 (or if the gross loan amount would exceed $10,000,000);''; and (B) in subparagraph (B)-- (i) by striking ``would exceed $4,500,000'' and inserting the following: ``would exceed-- ``(i) $4,500,000''; (ii) in clause (i), as so designated, by striking ``section 7(a)(14) for export purposes; and'' and inserting ``paragraph (14) for export purposes; or''; and (iii) by adding at the end the following: ``(ii) in the case of a borrower that is a small manufacturer, $9,000,000 (or if the gross loan amount would exceed $10,000,000), of which not more than $8,000,000 may be used for working capital, supplies, or financings under paragraph (14) for export purposes; and''; and (2) in paragraph (14)(B)(i), by striking ``than $5,000,000.'' and inserting the following: ``than-- ``(I) except as provided in subclause (II), $5,000,000; or ``(II) in the case of a loan made to a small manufacturer, $10,000,000.''. (c) Small Business Investment Act of 1958 Loan Limits for Small Manufacturers.--Section 502(2)(A)(iii) of the Small Business Investment Act (15 U.S.C. 696(2)(A)(iii)) is amended by striking ``$5,500,000'' and inserting ``$10,000,000''. (d) Inspector General Analysis.--Not later than 2 years after the date of enactment of this Act, the Inspector General of the Small Business Administration shall-- (1) conduct an analysis on the cohort of loans made under the amendments made by subsections (b) and (c) of this section during the 1-year period beginning on such date of enactment to determine-- (A) the projected default rate; (B) the early default rate; and (C) whether the loan limit increases under the amendments made by subsections (b) and (c) introduce additional risk, such as increased default amounts, larger guaranty purchase amounts, or other potential impacts to the requirement that the loan programs under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) and title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et seq.) operate at no cost to the Government; and (2) submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report regarding the analysis under paragraph (1). (e) Job Creation and Retention Report.-- (1) Definitions.--In this subsection-- (A) the term ``Administrator'' means the Administrator of the Small Business Administration; (B) the term ``larger loan'' means-- (i) a loan made or guaranteed under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) for which-- (I) the total amount outstanding and committed to the borrower from the business loan and investment fund established by the Small Business Act (15 U.S.C. 631 et seq.) is more than $3,750,000; or (II) the gross loan amount is more than $5,000,000; or (ii) a loan made under section 502(2)(A)(iii) of the Small Business Investment Act of 1958 (15 U.S.C. 696(2)(A)(iii)) for which the gross loan amount is more than $5,500,000; and (C) the term ``small manufacturer'' has the meaning given that term in subsection (gg) of section 3 of the Small Business Act (15 U.S.C. 632), as added by subsection (a) of this section. (2) Annual reports.--With respect to the year during which this Act is enacted, and each of the next 4 years, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report regarding larger loans to small manufacturers, broken out by whether the loan was made under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) or section 502(2)(A)(iii) of the Small Business Investment Act of 1958 (15 U.S.C. 696(2)(A)(iii)), which shall include-- (A) the quotient obtained by dividing-- (i) the total dollar amount of larger loans awarded to small manufacturers during the applicable year; by (ii) the number of jobs that were created or retained by a small manufacturer during the applicable year as a result of the receipt of a larger loan; and (B) an analysis of whether the award of larger loans to small manufacturers prevented the loss of jobs by employees of small manufacturers. ______