H.R. 6291 · 116th Congress
Microloan Emergency Assistance Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KimSponsorNo cosponsors.
This bill expands the Microloan Program of the Small Business Administration (SBA).
What it does: CRS summary · Introduced in House · Mar 19, 2020
Microloan Emergency Assistance Act of 2020
This bill expands the Microloan Program of the Small Business Administration (SBA).
Specifically, the bill increases the amount of funds available to an individual loan intermediary (i.e., a recipient of SBA direct loans that, in turn, makes microloans to startups and newly established or growing small businesses). The bill also makes eligible for certain technical assistance grants an intermediary that, among other requirements, provides at least 25% of its loans to small businesses in an economically distressed area.
In addition, the bill temporarily (1) extends repayment terms for microloans, and (2) authorizes the SBA to provide increased amounts for both technical assistance grants and direct loans. The bill also requires the SBA to temporarily waive (1) the requirement that an intermediary contribute non-federal funds as a condition of receiving a technical assistance grant, and (2) the limitation on amounts allowed to be expended to provide certain information and technical assistance.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Microloan Emergency Assistance Act of 2020
Latest action (Mar 19, 2020): Referred to the House Committee on Small Business.
Policy area: Commerce · Origin: House · Introduced: Mar 19, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.