Road to The Floor
How it worksIntroduced
In Committee
On The Floor
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Passed Congress
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Became Law
What this bill does
AI plain-language summaryThis bill renews a Department of Agriculture program through 2030 that helps small businesses in rural areas by giving loans and grants to organizations that support them. These small businesses include one-person operations or businesses with 10 or fewer full-time employees located in rural areas. The bill raises the maximum loan amount these small businesses can receive from $50,000 to $75,000 and allows the federal government to cover up to 100% of program costs, up from 75%. It also adds a rule that program loans can only cover up to half the costs of tearing down, building, or improving real estate.
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