An amendment offered by Rep. Sean Patrick Maloney, which passed the House on July 30 as part of H.R. 4502, would allocate funding for the Small Business Administration to provide real-time status updates for SBA loan applicants and recipients. As the SBA works to improve its information technology systems, specific emphasis should be placed on modernizing loan applicant information and transparency.
According to Rep. Maloney, currently the loan application process does not allow constituents to access the status of their SBA application leading to redundant work and confusion. Rep. Maloney introduced this amendment to help provide transparency to the SBA loan process.