To provide for a limitation on availability of funds for Independent Agencies, Small Business Administration, Business Loans Program Account for fiscal year 2024.
Impact
The implications of HB2147 suggest a tighter financial framework for independent agencies, specifically limiting the resources available to support small businesses through federal programs. This restriction could potentially hamper the ability of the Small Business Administration to respond to the needs of small enterprises, particularly in a post-pandemic recovery phase where businesses may require additional support to sustain operations and thrive. Reduced funding may lead to fewer loans being issued, thereby impacting small businesses' access to capital.
Summary
House Bill 2147 aims to impose a limitation on the availability of funds for independent agencies, specifically targeting the Small Business Administration's Business Loans Program for the fiscal year 2024. The bill stipulates that the total funds appropriated cannot exceed $4,000,000. This measure reflects an effort to control federal spending and prioritize the allocation of resources amidst budgetary constraints. The introduction of this bill was spearheaded by several Republican members in the House, indicating a focus on reducing the financial reach of federal agencies this fiscal year.
Contention
While proponents may argue that reducing federal spending is necessary for fiscal responsibility, opponents could contend that limiting funds for the SBA adversely affects small businesses, particularly in underserved or economically challenged areas. Critics might also raise concerns about the effectiveness of such funding restrictions in fostering a conducive environment for business growth. Given the current economic landscape, stakeholders may express conflicting views on the long-term impacts this bill could have on job creation and economic vitality.
To provide for a limitation on availability of funds for Independent Agencies, Small Business Administration, Disaster Loan Program for fiscal year 2024.
To provide for a limitation on availability of funds for Independent Agencies, Small Business Administration, Loan Modernization and Accounting System for fiscal year 2024.
To provide for a limitation on availability of funds for Independent Agencies, Small Business Administration,, Business Loans Program Account, Administrative Expenses for fiscal year 2024.
To provide for a limitation on availability of funds for Independent Agencies, Small Business Administration, Entrepreneurial Development Programs for fiscal year 2024.
To provide for a limitation on availability of funds for Independent Agencies, Small Business Administration, Office of Inspector General for fiscal year 2024.
To provide for a limitation on availability of funds for Independent Agencies, Small Business Administration, Salaries and Expenses for fiscal year 2024.
To provide for a limitation on availability of funds for Independent Agencies, General Services Administration, Operating Expenses for fiscal year 2024.