Microloan Improvement Act of 2020

Bill: 116-hr-6079
Sponsor: Rep. Kim, Andy [D-NJ-3]
Introduced: 2020-03-04 in the House
Policy area: Commerce
Subjects: Administrative law and regulatory procedures
Business records
Credit and credit markets
Government information and archives
Government lending and loan guarantees
Interest, dividends, interest rates
Small Business Administration
Small business

Summary:
action_date: 2020-03-04
text: 

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.

action_date: 2020-09-14
text: 

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.


Legislative actions:
action_date: 2020-09-15
text: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
action_date: 2020-09-14
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2020-09-14
text: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H4344)
action_date: 2020-09-14
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
action_date: 2020-09-14
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 6079.
action_date: 2020-09-14
text: Considered under suspension of the rules. (consideration: CR H4344-4345)
action_date: 2020-09-14
text: Ms. Velazquez moved to suspend the rules and pass the bill.
action_date: 2020-03-11
text: Ordered to be Reported by Voice Vote.
action_date: 2020-03-11
text: Committee Consideration and Mark-up Session Held.
action_date: 2020-03-04
text: Referred to the House Committee on Small Business.
action_date: 2020-03-04
text: Introduced in House
action_date: 2020-03-04
text: Introduced in House