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Bill116th CongressFiled Mar 4, 2020Commerce
H.R. 6078

Microloan Transparency and Accountability Act of 2020

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house (Sep 14, 2020)

Microloan Transparency and Accountability Act of 2020

This bill modifies provisions related to the Small Business Administration's (SBA) disbursement of certain financial assistance.

Specifically, the bill establishes a 5% technical assistance grant for certain intermediaries, including intermediaries who make 25% of their loans to rural small businesses. Further, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.

What just happenedSep 15, 2020

Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

Who’s behind it

Rep. Burchett, Tim [R-TN-2](R-TN)Sponsor
1 cosponsor1 D
Read on Congress.gov
1cosponsors2committees12actions7subjects
  1. Sep 15, 2020IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

    Small Business and Entrepreneurship Committee
  2. Sep 14, 2020FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Sep 14, 2020FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4347)

  4. Sep 14, 2020Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.

  5. Sep 14, 2020FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 6078.

  6. Sep 14, 2020FloorH30000

    Considered under suspension of the rules. (consideration: CR H4347-4348)

  7. Sep 14, 2020FloorH30300

    Ms. Velazquez moved to suspend the rules and pass the bill, as amended.

  8. Mar 11, 2020Committee

    Ordered to be Reported by Voice Vote.

    Small Business Committee
  9. Mar 11, 2020Committee

    Committee Consideration and Mark-up Session Held.

    Small Business Committee
  10. Mar 4, 2020IntroReferralH11100

    Referred to the House Committee on Small Business.

    Small Business Committee
  11. Mar 4, 2020IntroReferralIntro-H

    Introduced in House

  12. Mar 4, 2020IntroReferral1000

    Introduced in House

Passed HouseSep 14, 202053

Microloan Transparency and Accountability Act of 2020

This bill modifies provisions related to the Small Business Administration's (SBA) disbursement of certain financial assistance.

Specifically, the bill establishes a 5% technical assistance grant for certain intermediaries, including intermediaries who make 25% of their loans to rural small businesses. Further, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.

Introduced in HouseMar 4, 2020

Microloan Transparency and Accountability Act of 2020

This bill modifies provisions related to the Small Business Administration's (SBA) disbursement of certain financial assistance.

Specifically, the bill establishes a 5% technical assistance grant for intermediaries who make 25% of their loans to rural small businesses. Further, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.

Microloan Transparency and Accountability Act of 2020 — Informed