Microloan Improvement Act of 2020
Latest action · Sep 15, 2020 Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 4, 2020
- Passed HouseSep 14, 2020
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 1
Members who signed on, in the order they did. All signed on Mar 4, 2020.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-TN | Tim Burchett | Original | Mar 4, 2020 |
Actions 11
Everything that happened, newest first.
- Sep 15, 2020Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
- Sep 14, 2020Considered under suspension of the rules. (consideration: CR H4344-4345)
- Sep 14, 2020DEBATE - The House proceeded with forty minutes of debate on H.R. 6079.
- Sep 14, 2020Motion to reconsider laid on the table Agreed to without objection.
- Sep 14, 2020Ms. Velazquez moved to suspend the rules and pass the bill.
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
Text 3
Each version as it was printed, newest first.
- Sep 15, 2020Referred in Senate
- Sep 14, 2020Engrossed in House
- Mar 4, 2020Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.