An Act amending Title 12 (Commerce and Trade) of the Pennsylvania Consolidated Statutes, in small business first, further providing for capital development loans.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies Pennsylvania’s law regarding capital development loans for small businesses. It adjusts the maximum loan amount available, increasing it to $2,000,000 or 50% of the project’s costs, whichever is lower. The bill also clarifies that capital development project costs incurred within the previous 12 months are included in the total project costs. The act will take effect 60 days after it is passed.
Key provisions
- Increases the maximum loan amount for capital development loans to $2,000,000.
- Allows loans to be capped at 50% of total capital development project costs.
- Includes capital development project costs incurred within the previous 12 months in the calculation.
- Specifies a 30-day review period for loan applications by the authority.
Who is affected
- Small businesses
- Pennsylvania businesses
- Lenders
- The Pennsylvania Department of Community and Economic Development
Notable changes
- The bill increases the maximum loan amount from a previously unspecified amount to $2,000,000.
- It clarifies the calculation of capital development project costs.
Bill text
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Document of record
- Version
- Pn 2901 Html
- Published
- Not published in the source record
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Sponsors
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9 on record
Primary sponsor
Cosponsors
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