This bill adds a new permitted use for Small Business Administration (SBA) 7(a) loans. It lets the SBA provide loans to finance business software, cloud computing services, and related technologies that help run a business. Examples named in the bill include tools for payroll, human resources, sales and billing, accounting, tracking inventory and expenses, and business tools that use artificial intelligence. The bill also says this change should not be read to mean loans made before this law for the same purposes were not allowed, does not allow loans to pay for research and development, and does not change the definition of working capital under the Small Business Act.
Small businesses may be able to use SBA 7(a) loans to buy or subscribe to modern business software, cloud services, and AI-enabled business tools for operations like payroll, HR, sales, billing, accounting, and inventory tracking. It does not create a new grant program or authorize using these loans for research and development.
No publicly available information on costs, budgetary effects, or required funding is included in the bill text or metadata provided.
No publicly available information.
No publicly available information.