H.R. 7242 seeks to amend the Small Business Act to increase the maximum amount that can be borrowed under the 7(a) loan program. It proposes to raise this limit from $5 million to $10 million. The purpose of the bill is to provide greater financial support to small businesses...
Simple Explanation
H.R. 7242 is a plan to let small businesses borrow more money, up to $10 million instead of $5 million, which is meant to help them grow or fix problems, but people are worried it might lead to waste or not be fair to everyone.