The Small Business Technological Advancement Act would expand the Small Business Administration's loan program to allow small business owners to use SBA loans to purchase business software and cloud computing services. These loans could finance software that helps with day-to-day operations, employee payroll, human resources, sales and billing, accounting, and inventory management. The bill directly affects small business owners seeking financing for technology upgrades and software subscriptions that are currently not eligible for SBA lending. No specific funding amount or timeline is mentioned in the legislation. The bill was introduced in July 2023 with bipartisan support and was referred to the Senate Committee on Small Business and Entrepreneurship.
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