H. R. 9176, known as the "Loans In Our Neighborhoods Act of 2024" or the "LIONs Act of 2024," seeks to amend the Small Business Act. The proposed amendment aims to increase the maximum loan amount for loans made under section 7(a) of this Act. Specifically, it would raise the limit from...
Simple Explanation
The LIONs Act of 2024 is a plan to let small businesses borrow more money from a special loan program, increasing the amount they can borrow from $3.75 million to $7.5 million, but people are worried it might help bigger businesses more than smaller ones.