MICRO Business Success Act

Bill: 116-hr-7740
Sponsor: full_name: Rep. Chabot, Steve [R-OH-1]
Introduced: 2020-07-23
Policy area: Commerce
Subjects: Accounting and auditing

Appropriations

Business education

Business expenses

Business records

Cardiovascular and respiratory health

Economic development

Emergency medical services and trauma care

Government lending and loan guarantees

Infectious and parasitic diseases

Small business

Wages and earnings
Latest action: action_date: 2020-07-23
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-07-23
action_desc: Introduced in House
text: <p><b>Microbusiness Improvement and Coronavirus Recovery Opportunities for Business Success Act of 2020 or the MICRO Business Success Act</b></p> <p>This bill provides designated Small Business Administration (SBA) assistance for small businesses with 10 or fewer employees.</p> <p>Specifically, out of the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), the bill allots $20 billion of remaining program funds for small businesses with 10 or fewer employees.</p> <p>Additionally, the bill raises the aggregate amount for SBA loans to such small businesses from $6 million to $10 million. The bill adds the expansion of such small businesses to the list of economic development objectives from which a small business development company must demonstrate at least one in order to qualify for SBA assistance. It also requires a participating small business development company to provide specified assistance to such small businesses.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7740 IN THE HOUSE OF REPRESENTATIVES July 23, 2020 Mr. Chabot introduced the following bill; which was referred to the Committee on Small Business A BILL To prioritize support for small business concerns with 10 or fewer employees by setting aside funds and increasing access to funding and other assistance, and for other purposes.

1. Short title This Act may be cited as the Microbusiness Improvement and Coronavirus Recovery Opportunities for Business Success Act of 2020 or the MICRO Business Success Act . 2. Support for small business concerns with 10 or fewer employees (a) Paycheck Protection Program funding allotment With respect to unobligated amounts for the cost of guaranteed loans as authorized under section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) that are available on the date of the enactment of this Act, the Small Business Administrator shall reserve not less than $20,000,000,000 of such amounts, or if the total of such amounts is less than $20,000,000,000, such total, for the cost of guaranteed loans made under such section to recipients with 10 or fewer employees. (b) Microloan Program loans Section 7(m) of the Small Business Act ( 15 U.S.C. 636(m) ) is amended— (1) in paragraph (3)(C), by striking and $6,000,000 and inserting and $10,000,000 ; and (2) in paragraph (4), by striking subparagraph (E). (c) Development company economic development objective Section 501(d)(3) of the Small Business Investment Act of 1958 ( 15 U.S.C. 695(d)(3) ) is amended— (1) in subparagraph (K), by striking the or at the end; (2) in subparagraph (L), by striking the period at the end and inserting , or ; and (3) by adding at the end the following new subparagraph: (M) expansion of small business concerns with 10 or fewer employees. . (d) Small Business Development Center assistance Section 21(c)(3) of the Small Business Act ( 15 U.S.C. 648(c)(3) ) is amended— (1) in subparagraph (T), by striking and at the end; (2) in first subparagraph (U), by striking the period at the end and inserting a semicolon; (3) by redesignating the second subparagraph (U) as subparagraph (V); (4) in subparagraph (V), as so redesignated, by striking the period at the end and inserting ; and ; and (5) by adding the following new subparagraph: (W) assisting small business concerns with 10 or fewer employees by, in addition to the foregoing, providing— (i) information on, and assistance with, obtaining financing; (ii) information on financial record keeping; (iii) business management advice on topics including daily operations and staffing; and (iv) technical assistance. .