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Bill116th CongressFiled Mar 4, 2020Commerce
H.R. 6079

Microloan Improvement 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 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.

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. Kim, Andy [D-NJ-3](D-NJ)Sponsor
1 cosponsor1 R
Read on Congress.gov
1cosponsors2committees12actions8subjects
  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 Agreed to by voice vote. (text: CR H4344)

  4. Sep 14, 2020Floor8000

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

  5. Sep 14, 2020FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 6079.

  6. Sep 14, 2020FloorH30000

    Considered under suspension of the rules. (consideration: CR H4344-4345)

  7. Sep 14, 2020FloorH30300

    Ms. Velazquez moved to suspend the rules and pass the bill.

  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 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.

Introduced in HouseMar 4, 2020

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.

Microloan Improvement Act of 2020 — Informed