Microloan Improvement Act of 2021

Bill: 117-hr-1502
Sponsor: Rep. Kim, Andy [D-NJ-3]
Introduced: 2021-03-02 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: 2021-03-02
text: 

Microloan Improvement Act of 2021

 
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 authorizes an intermediary to offer a line of credit to a small business, and it 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. 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.
 
Further, the SBA must (1) 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, (2) establish a process for an intermediary to provide the major credit reporting agencies with information about a borrower that is relevant to credit reporting, and (3) include information regarding equitable distribution of loan funds in its annual report.

action_date: 2021-04-15
text: 

Microloan Improvement Act of 2021

 
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 authorizes an intermediary to offer a line of credit to a small business, and it 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. 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.
 
Further, the SBA must (1) 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, (2) establish a process for an intermediary to provide the major credit reporting agencies with information about a borrower that is relevant to credit reporting, and (3) include information regarding equitable distribution of loan funds in its annual report.


Legislative actions:
action_date: 2021-04-19
text: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
action_date: 2021-04-15
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2021-04-15
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 397 - 16 (Roll no. 114). (text: 04/14/2021 CR H1765)
action_date: 2021-04-15
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 397 - 16 (Roll no. 114).(text: 04/14/2021 CR H1765)
action_date: 2021-04-15
text: Considered as unfinished business. (consideration: CR H1833)
action_date: 2021-04-14
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2021-04-14
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1502.
action_date: 2021-04-14
text: Considered under suspension of the rules. (consideration: CR H1765-1767)
action_date: 2021-04-14
text: Ms. Craig moved to suspend the rules and pass the bill.
action_date: 2021-03-02
text: Referred to the House Committee on Small Business.
action_date: 2021-03-02
text: Introduced in House
action_date: 2021-03-02
text: Introduced in House