S. 2850 · 114th Congress
Microloan Program Modernization Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
FischerSponsor5 cosponsors · 3 D, 2 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
What it does: CRS summary · Reported to Senate with amendment(s) · May 24, 2016
Microloan Program Modernization Act of 2016
(Sec. 3) This bill amends the Small Business Act, with respect to the Small Business Administration (SBA) Microloan Program (assisting low-income individuals to start and operate a small business), to increase from $5 million to $6 million the total amount of loans outstanding and committed to any particular intermediary (excluding outstanding grants) from the SBA business loan and investment fund for the remaining years of the intermediary's participation in the program.
(Sec. 4) The Microloan Program "25/75" rule is repealed, which permits SBA-designated microloan intermediary lenders to expend up to 25% of the intensive marketing, management, and technical assistance grant funds they receive from the SBA to provide information and technical assistance to small business concerns that are their prospective borrowers.
(Sec. 5) The SBA shall:
- compare the operations of a representative sample of eligible intermediaries that participate in the microloan program and of eligible intermediaries that do not,
- study the reasons why the latter do not participate,
- recommend how to encourage increased participation by intermediaries in the microloan program, and
- recommend how to decrease the associated costs for intermediary participation.
(Sec. 6) The Government Accountability Office shall evaluate:
- SBA oversight of the microloan program, including oversight of participating intermediaries; and
- the specific processes the SBA uses to ensure program compliance by participating intermediaries and overall microloan program performance.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Microloan Program Modernization Act of 2016
Latest action (Jul 13, 2016): By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report. Report No. 114-301.
Policy area: Commerce · Origin: Senate · Introduced: Apr 26, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.