1. Short title This Act may be cited as the Small Business Investment Improvement Act of 2019 . 2. Timelines for issuance of SBIC licenses Section 301(c) of the Small Business Investment Act of 1958 ( 15 U.S.C. 681(c) ) is amended— (1) in paragraph (2)— (A) by amending subparagraph (A) to read as follows: (A) Status The Administrator shall provide an applicant with a written report detailing the status of the application and any requirements remaining for completion of the application, including any external or internal delays— (i) except as provided in clauses (ii) and (iii), not later than 120 days after the initial receipt by the Administrator of the application; (ii) not later than 45 days after the initial receipt, if the application is submitted by a repeat applicant or a non-leveraged, non-bank applicant; or (iii) not later than 25 days after the initial receipt, if the application is submitted by a bank-owned applicant. ; (B) in subparagraph (B), in the matter preceding clause (i), by striking Within a reasonable time after receiving and inserting Except as provided in subparagraph (C), not later than 240 days after the date on which the Administrator receives ; and (C) by adding at the end the following: (C) Exceptions (i) Repeat applicants; non-leveraged, non-bank applicant Notwithstanding subparagraph (B), not later than 90 days after the date on which the Administrator receives a completed application submitted by a repeat applicant or a non-leveraged, non-bank applicant in accordance with this subsection and in accordance with such requirements as the Administrator may prescribe by regulation, the Administrator shall— (I) review the application in its entirety; and (II) (aa) approve the application and issue a license for such operation to the applicant if the requirements of this section are satisfied