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 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Small Business Committee | Referred Mar 4, 2020Markup Mar 11, 2020 |
| Senate | Small Business and Entrepreneurship Committee | Referred Sep 15, 2020 |
Actions 10
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, 2020Ms. Velazquez moved to suspend the rules and pass the bill.
- 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, 2020Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H4344)
- Sep 14, 2020Motion to reconsider laid on the table Agreed to without objection.
- Mar 11, 2020Committee Consideration and Mark-up Session Held.
- Mar 11, 2020Ordered to be Reported by Voice Vote.
- Mar 4, 2020Introduced in House
- Mar 4, 2020Referred to the House Committee on Small Business.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H4344–H4346Text printed H4344 | Gregorio Kilili Camacho Sablan D-MP, Nydia M. Velázquez D-NY, Steve Chabot R-OH | Sep 14, 2020 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 166, no. 43, March 4, 2020, page H1505.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 116-079 | MARKUP OF: H.R. 6079, "MICROLOAN IMPROVEMENT ACT OF 2020" H.R. 6078, "MICROLOAN TRANSPARENCY AND ACCOUNTABILITY ACT OF 2020" H.R. 6133, "STEP IMPROVEMENT ACT OF 2020" H.R. 6021, "NORTHERN MARIANA ISLANDS SMALL BUSINESS DEVELOPMENT ACT"38 pages | Small Business Committee | Mar 11, 2020 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Small Business Act to optimize the operations of the microloan program, lower costs for small business concerns and intermediary participants in the program, and for other purposes.
- Short Title(s) as Introduced
- Microloan Improvement Act of 2020
- Short Title(s) as Passed House
- Microloan Improvement Act of 2020
- Short Titles from RFS (Referred to Senate) bill text
- Microloan Improvement Act of 2020
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
