SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Microloan Improvement Act of 2020’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Interest rate for certain intermediaries. 
Sec. 3. Lines of credit authorized. 
Sec. 4. Extended repayment terms. 
Sec. 5. Loan limits adjusted. 
Sec. 6. Program funding for microloans. 
Sec. 7. Technical assistance grant flexibility. 
Sec. 8. Credit reporting information. 
Sec. 9. Report regarding equitable distribution. 
SEC. 2. INTEREST RATE FOR CERTAIN INTERMEDIARIES. 
Section 7(m)(3)(F)(iii) of the Small Business Act (15 
U.S.C. 
636(m)(3)(F)(iii)) 
is 
amended 
by 
striking 
‘‘$7,500’’ and inserting ‘‘$10,000’’. 
SEC. 3. LINES OF CREDIT AUTHORIZED. 
Section 7(m)(6)(A) of the Small Business Act (15 
U.S.C. 636(m)(6)(A)) is amended by inserting ‘‘(including 
lines of credit)’’ after ‘‘fixed rate loans’’. 
SEC. 4. EXTENDED REPAYMENT TERMS. 
Section 7(m)(6) of the Small Business Act (15 
U.S.C. 636(m)(6)) is amended by adding at the end the 
following: 
‘‘(F) REPAYMENT TERMS.— 
‘‘(i) LIMITATION
ON
REPAYMENTS 
TERM.—The repayment term for a loan
made under this paragraph shall not be 
more than— 
‘‘(I) in the case of a loan made 
by an intermediary of $10,000 or less, 
7 years; and 
‘‘(II) in the case of a loan made 
by an intermediary of greater than 
$10,000, 10 years. 
‘‘(ii) NO ADDITIONAL LIMITATIONS.— 
The Administrator may not impose any ad-
ditional limitation on the term for repay-
ment of a loan made by an intermediary 
under this paragraph.’’. 
SEC. 5. LOAN LIMITS ADJUSTED. 
Section 7(m)(3)(C) of the Small Business Act (15 
U.S.C. 636(m)(3)(C)) is amended by striking ‘‘and 
$6,000,000’’ and inserting ‘‘and $7,000,000 (in the aggre-
gate)’’. 
SEC. 6. PROGRAM FUNDING FOR MICROLOANS. 
(a) IN GENERAL.—Section 7(m) of the Small Busi-
ness Act (15 U.S.C. 636(m)) is amended— 
(1) in paragraph (7)(B)— 
(A) by amending clause (i) to read as fol-
lows:
‘‘(i) ALLOCATION.—Subject to the 
availability of appropriations and for the 
first 2 quarters of a fiscal year, of the total 
amount of new loan funds made available 
for award under this subsection in such 
fiscal year, the Administrator shall— 
‘‘(I) reserve 15 percent of such 
funds for award to designated under-
utilized States; and 
‘‘(II) make the remaining 85 per-
cent of such funds available for award 
in any State.’’; and 
(B) in clause (ii), by striking ‘‘to carry 
out’’ and all that follows through the period at 
the end and inserting the following: ‘‘under 
clause (i)(I) remains unexpended, the Adminis-
trator may make that portion available for 
award in any State or designated underutilized 
State.’’; and 
(2) in paragraph (11)— 
(A) in subparagraph (C)(ii), by striking 
the period at the end and inserting ‘‘; and’’; 
and 
(B) by adding at the end the following new 
subparagraph:
‘‘(D) the term ‘State’ means each of the 
several States, the District of Columbia, the 
Commonwealth of Puerto Rico, the United 
States Virgin Islands, Guam, the Northern 
Mariana Islands, and American Samoa.’’. 
(b) RULEMAKING.—Not later than 180 days after the 
date of the enactment of this Act, the Administrator of 
the Small Business Administration shall issue regulations 
to define the term ‘‘designated underutilized State’’, as 
used in section 7(m)(7)(B) of the Small Business Act (15 
U.S.C. 636(m)(7)(B)), as added by this section. 
SEC. 7. TECHNICAL ASSISTANCE GRANT FLEXIBILITY. 
Section 7(m)(4) of the Small Business Act (15 
U.S.C. 636(m)(4)) is amended— 
(1) in subparagraph (A), by striking ‘‘subpara-
graph (C)’’ each place that term appears and insert-
ing ‘‘subparagraphs (C) and (G)’’; 
(2) in subparagraph (C)(i)— 
(A) by striking ‘‘subparagraph (A)’’ and 
inserting ‘‘subparagraphs (A) and (G)’’; and 
(B) by striking the dollar figure and in-
serting ‘‘$10,000’’; 
(3) in subparagraph (D), by striking ‘‘subpara-
graph (A), or (C)’’ and inserting ‘‘subparagraph (A), 
(C), or (G)’’; and
(4) by adding at the end the following: 
‘‘(G) GRANT AMOUNTS BASED ON APPRO-
PRIATIONS.—In any fiscal year in which the 
amount appropriated to make grants under 
subparagraph (A) is sufficient to provide to 
each intermediary that receives a loan under 
paragraph (1)(B)(i) a grant of not less than 25 
percent of the total outstanding balance of 
loans made to the intermediary under this sub-
section, the Administrator shall make a grant 
under subparagraph (A) to each intermediary 
of not less than 25 percent and not more than 
30 percent of that total outstanding balance.’’. 
SEC. 8. CREDIT REPORTING INFORMATION. 
The Administrator of the Small Business Administra-
tion shall issue rules establishing a process under which 
an intermediary that makes a loan to a borrower under 
section 7(m) of the Small Business Act (15 U.S.C. 
636(m)) shall be required to provide the major credit re-
porting agencies with information about the borrower rel-
evant to credit reporting, such as the borrower’s payment 
activity on the loan. 
SEC. 9. REPORT REGARDING EQUITABLE DISTRIBUTION. 
Section 7(m)(8) of the Small Business Act (15 
U.S.C. 636(m)(8)) is amended—
(1) by striking ‘‘In approving’’ and inserting 
the following: 
‘‘(A) IN GENERAL.—In approving’’; and 
(2) by adding at the end the following: 
‘‘(B) ANNUAL
REPORT.—The Adminis-
trator shall include in the report submitted 
under paragraph (10), and make publicly avail-
able on the website of the Administration, infor-
mation on how the Administration has met the 
requirements of subparagraph (A).’’. 
Passed the House of Representatives September 14, 
2020. 
Attest: 
Clerk.