H.R. 6079 · 116th Congress
Microloan Improvement Act of 2020
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 116th Congress ended.
D
KimSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Mar 4, 2020
- House Passed Sep 14, 2020
This bill revises the microloan program through which the Small Business Administration (SBA) provides, through designated intermediaries, certain financial assistance to small businesses.
What it does: CRS summary · Passed House · Sep 14, 2020
Microloan Improvement Act of 2020
This bill revises the microloan program through which the Small Business Administration (SBA) provides, through designated intermediaries, certain financial assistance to small businesses.
Specifically, the bill raises the limit on the aggregate amount for loans the SBA makes to an intermediary participating in the microloan program. Further, the bill (1) authorizes an intermediary to offer a line of credit to a small business, (2) increases the average amount for loans from an intermediary to participating small businesses that makes the intermediary eligible for a reduced interest rate on SBA loans, and (3) makes certain intermediaries eligible to receive a 5% technical assistance grant.
The bill also places limits on the repayment term for a microloan, and it prohibits the SBA from imposing any additional limitation on the term for repayment of a microloan.
The SBA must reserve 15% of new loan funds that are made available for disbursement as microloans to designated underutilized states and make the remaining 85% available for any state.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Microloan Improvement Act of 2020
Latest action (Sep 15, 2020): Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Policy area: Commerce · Origin: House · Introduced: Mar 4, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Mar 4, 2020
- House Passed Sep 14, 2020
No recorded floor vote found.