WASHINGTON (AP) -- Sen. Claire McCaskill plans to introduce legislation that would simplify the way small businesses get federal loans while also ensuring the recipients truly are small businesses.
The Missouri Democrat tells The Associated Press she plans to introduce the bill Thursday.
The legislation will require the Small Business Administration to craft a new classification system for small businesses. It will also require the agency to revise the size rules for loan applicants, and urge the agency to create rules closing loopholes that now let larger businesses qualify for SBA loans.
McCaskill says she's spoken to colleagues about the legislation and is hopeful of attracting bipartisan support in the Senate.