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Bill117th CongressFiled Mar 2, 2021Commerce
H.R. 1502

Microloan Improvement Act of 2021

Bill journey · stage 2 of 5

Under committee review

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Comm.
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Law

What it doesSummary passed house (Apr 15, 2021)

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.

What just happenedApr 19, 2021

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
8 cosponsors2 D6 R
Read on Congress.gov
8cosponsors2committees12actions8subjects
  1. Apr 19, 2021IntroReferral

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

    Small Business and Entrepreneurship Committee
  2. Apr 15, 2021FloorH38310

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

  3. Apr 15, 2021FloorH37300

    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)

  4. Apr 15, 2021Floor8000

    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)

  5. Apr 15, 2021FloorH30000

    Considered as unfinished business. (consideration: CR H1833)

  6. Apr 14, 2021FloorH37220

    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.

  7. Apr 14, 2021FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 1502.

  8. Apr 14, 2021FloorH30000

    Considered under suspension of the rules. (consideration: CR H1765-1767)

  9. Apr 14, 2021FloorH30300

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

  10. Mar 2, 2021IntroReferralH11100

    Referred to the House Committee on Small Business.

    Small Business Committee
  11. Mar 2, 2021IntroReferralIntro-H

    Introduced in House

  12. Mar 2, 2021IntroReferral1000

    Introduced in House

Passed HouseApr 15, 202153

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.

Introduced in HouseMar 2, 2021

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.

Microloan Improvement Act of 2021 — Informed