Small Business Technological Advancement Act

Floor Speech

BREAK IN TRANSCRIPT

Mr. WILLIAMS of Texas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 915) to authorize small business loans to finance access to modern business software, and for other purposes, as amended.

The Clerk read the title of the bill.

The text of the bill is as follows: H.R. 915

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.

This Act may be cited as the ``Small Business Technological Advancement Act''. SEC. 2. ADDITIONAL USES FOR SMALL BUSINESS ADMINISTRATION BUSINESS LOANS.

(a) In General.--Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended by adding at the end the following:

``(38) Access to modern business software.--The Administration may provide loans under this subsection to finance, in whole or in part, business software or cloud computing services, or any such technology, that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses, including business tools that utilize artificial intelligence.''.

(b) Rule of Construction.--Nothing in the amendment made by subsection (a) shall be construed to--

(1) provide that loans made under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) before the date of enactment of this Act for the purposes described in paragraph (38) of such section 7(a), as added by subsection (a), were not permissible;

(2) authorize the use of loans made under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) for research and development purposes; or

(3) limit the definition of working capital under the Small Business Act (15 U.S.C. 631 et seq.).

Mr. Speaker, I rise today in strong support of H.R. 915, the Small Business Technological Advancement Act, introduced by my friends the gentleman from Missouri (Mr. Alford) and the gentlewoman from Nevada (Ms. Lee).

Small businesses thrive when they stay ahead of the curve. H.R. 915 provides an important clarification and removes any ambiguity to ensure that small businesses can use SBA 7(a) loans to purchase and upgrade technological systems and business software, including those that utilize artificial intelligence, to support their daily operations.

Technology is deeply ingrained in the day-to-day operations of small businesses. There are countless and valuable applications for technology in a small business, from tracking inventory to payment processing and from human resources to accounting. If an American small business wants to stay competitive in the global economy, it must stay on the cutting edge of technological development and application.

With this clarification, small businesses will be able to continue exploring innovative technologies and tools for the future. This forward-thinking bill will ensure that the SBA 7(a) program will keep American entrepreneurs competitive with their international counterparts.

Once again, I thank Representatives Alford and Lee for introducing this timely legislation, and I urge all of my colleagues to vote in support of H.R. 915.

BREAK IN TRANSCRIPT

Mr. WILLIAMS of Texas.

BREAK IN TRANSCRIPT

Mr. WILLIAMS of Texas. Mr. Speaker, I urge my colleagues to vote in favor of H.R. 915 because access to technologies increases efficiency and productivity, and will help small businesses remain competitive in an increasingly digital marketplace.
BREAK IN TRANSCRIPT

Source