Summary: H.R.3845 — 106th Congress (1999-2000)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed House amended (03/14/2000)

Small Business Investment Corrections Act of 2000 - Amends the Small Business Investment Act of 1958 to: (1) state that certain venture investment in a small business shall not cause such business to be considered not independently owned and operated, regardless of the allocation of control during the investment period; and (2) define as long term, when used in connection with equity capital or loan funds invested in any small business or smaller enterprise, any period of one year or more.

Revises the subsidy fee charged in connection with debentures purchased by the Small Business Administration (SBA) to guarantee loans to participating small businesses from a flat one percent to a charge, established annually by the SBA Administrator with respect to debentures issued after September 30, 2000, of not more than one percent as necessary to reduce to zero the cost of purchasing and guaranteeing such debentures. Makes an identical revision with respect to the fee charged for securities issued after September 30, 2000, by participating companies for small business loans guaranteed by the SBA.

Authorizes small businesses which are limited partnerships or subchapter S corporations to make quarterly distributions at any time during a calendar quarter (currently, only at the end of a calendar quarter).