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HR 6291 116th Congress House Commerce Government lending and loan guarantees Minority and disadvantaged businesses Small business Veterans' education, employment, rehabilitation Veterans' loans, housing, homeless programs Women in business

Microloan Emergency Assistance Act of 2020

Introduced: March 19, 2020 Introduced by: Kim, Andy Democratic · New Jersey See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 19, 2020
Referred to the House Committee on Small Business.
Mar 19, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Microloan Emergency Assistance Act of 2020

This bill expands the Microloan Program of the Small Business Administration (SBA).

Specifically, the bill increases the amount of funds available to an individual loan intermediary (i.e., a recipient of SBA direct loans that, in turn, makes microloans to startups and newly established or growing small businesses). The bill also makes eligible for certain technical assistance grants an intermediary that, among other requirements, provides at least 25% of its loans to small businesses in an economically distressed area.

In addition, the bill temporarily (1) extends repayment terms for microloans, and (2) authorizes the SBA to provide increased amounts for both technical assistance grants and direct loans. The bill also requires the SBA to temporarily waive (1) the requirement that an intermediary contribute non-federal funds as a condition of receiving a technical assistance grant, and (2) the limitation on amounts allowed to be expended to provide certain information and technical assistance.

What's happening now March 19, 2020

Referred to the House Committee on Small Business.

 Committees of jurisdiction 1