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Small Business Act of 1953
Great Seal of the United States
Long titleAn Act to create the Small Business Administration and to preserve small business institutions and free, competitive enterprise
Enacted bythe 83rd United States Congress
Citations
Public lawPub. L.Tooltip Public Law (United States) 83–163
Legislative history

The Small Business Act is the Act of Congress which created the Small Business Administration. It was enacted July 30, 1953, originally as the Small Business Act of 1953 as Title II of Pub. L.Tooltip Public Law (United States) 83–163 (ch. 282, 67 Stat. 232. It was codified at 15 U.S.C. ch. 14A.

The Reconstruction Finance Corporation Liquidation Act, which was Title I of Pub. L.Tooltip Public Law (United States) 83–163, abolished the Reconstruction Finance Corporation.

Amendments

The Small Business Act Amendments of 1958 (Pub. L.Tooltip Public Law (United States) 85–536, 72 Stat. 384, enacted July 18, 1958) withdrew Title II as part of that act and made it a separate act to be known as the "Small Business Act". Its function was and is to "aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns".

It was amended in 1978 (Pub. L.Tooltip Public Law (United States) 95–507) resulting in contracting requirements that resulted in the establishment of Office of Small and Disadvantaged Business Utilizations.

It was amended again in 1988 with Public Law 100-646 requiring projections for procurement planning.[1]

It was amended again in 2017 by the Improving Contract Procurement for Small Businesses through More Accurate Reporting Act of 2017 (incorporated within the National Defense Authorization Act for Fiscal Year 2018, signed by the President on 12 December 2017),[2] and in 2020 by the Paycheck Protection Program Flexibility Act of 2020 (Pub. L.Tooltip Public Law (United States) 116–142 (text) (PDF)), which loosened the requirements for loan forgiveness.[3]

References

  1. ↑ https://apfs.dhs.gov/about/
  2. ↑ Improving Contract Procurement for Small Businesses through More Accurate Reporting Act of 2017, accessed 12 August 2020
  3. ↑ Michael Bonner (2020-06-08). "PPP Flexibility Act loosens guidelines for businesses to ensure more loans will be forgiven". Syracuse.com. Retrieved 2020-06-10.
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