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Microloan Improvement Act of 2020

Introduced: March 4, 2020 Introduced by: Kim, Andy Democratic · New Jersey See on congress.gov
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 Everywhere this bill has been 11 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 15, 2020
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Sep 14, 2020
Motion to reconsider laid on the table Agreed to without objection.
Sep 14, 2020
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H4344)
Sep 14, 2020
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
Sep 14, 2020
DEBATE - The House proceeded with forty minutes of debate on H.R. 6079.
Sep 14, 2020
Considered under suspension of the rules. (consideration: CR H4344-4345)
Sep 14, 2020
Ms. Velazquez moved to suspend the rules and pass the bill.
Mar 11, 2020
Ordered to be Reported by Voice Vote.
Mar 11, 2020
Committee Consideration and Mark-up Session Held.
Mar 4, 2020
Referred to the House Committee on Small Business.
Mar 4, 2020
Introduced in House
 Plain-English summary Congressional Research Service

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's happening now September 15, 2020

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

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Republican 1