The LIONs Act of 2024 would increase the maximum loan amount available to small businesses through the Small Business Administration's 7(a) loan program. Currently, these loans are capped at $3.75 million, but the bill would double that limit to $7.5 million, with the gross loan amount threshold increasing from $5 million to $10 million. The legislation would primarily benefit small business owners seeking to expand operations, purchase equipment, or finance other business needs through this popular government-backed lending program. The bill was introduced in July 2024 and referred to the House Small Business Committee. No specific funding appropriations or implementation timeline are outlined in the legislation.