HR 1502 117th Congress House Commerce Administrative law and regulatory procedures Business records Credit and credit markets Government information and archives Government lending and loan guarantees Interest, dividends, interest rates Small Business Administration Small business

Microloan Improvement Act of 2021

Introduced: March 2, 2021 Introduced by: Kim, Andy Democratic · New Jersey See on congress.gov

Everywhere this bill has been 11 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 19, 2021

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

Apr 15, 2021

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

Apr 15, 2021

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)

Apr 15, 2021

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)

Apr 15, 2021

Considered as unfinished business. (consideration: CR H1833)

Apr 14, 2021

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.

Apr 14, 2021

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

Apr 14, 2021

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

Apr 14, 2021

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

Mar 2, 2021

Referred to the House Committee on Small Business.

Mar 2, 2021

Introduced in House

Votes taken on this bill 1

Date	Chamber	What was voted on	Result	Yes–No
Apr 16, 2021	House · vote #114	On Motion to Suspend the Rules and Pass	Passed	397–16	See who voted →

Plain-English summary Congressional Research Service

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's happening now April 19, 2021

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

Committees of jurisdiction 2