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H.R. 5763 · House bill · 119th Congress
This bill lessens the financing requirements for certain Small Business Administration loans to small businesses for plant acquisition, construction, conversion, or expansion, including the acquisition of land. Specifically, the bill reduces the amount of equity a borrower must provide by 5% of the total cost for loans for limited or single-purpose properties.
This Act may be cited as the “Main Street Parity Act”.
(a) In general.— Section 502(3)(C) of the Small Business Investment Act of 1958 (15 U.S.C. 696(3)(C)) is amended—
(1) by striking clauses (ii) and (iii);
(2) in clause (i), by inserting “or” at the end; and
(3) by redesignating clause (iv) as clause (ii).
(b) Conforming amendment.— Section 502(3)(B)(ii) of the Small Business Investment Act of 1958 (15 U.S.C. 696(3)(B)(ii)) is amended by striking “clauses (i), (ii), or (iii) of subparagraph (C)” and inserting “clause (i) of subparagraph (C)”.