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Microloan Improvement Act of 2021

Introduced: March 2, 2021 Introduced by: Kim, Andy Democratic · New Jersey See on congress.gov
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 10 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
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
DateChamberWhat was voted onResultYes–No
Apr 15, 2021 House · vote #114 On Motion to Suspend the Rules and Pass Passed 397–16 See who voted →
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 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.

 Bill text 3 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 7
All 7 Democratic 1 Republican 4
D
Cohen, Steve
Tennessee · Mar 16, 2021
 R
Tenney, Claudia
New York · Mar 16, 2021
 R
Fitzpatrick, Brian K.
Pennsylvania · Mar 8, 2021
Taylor, Van
· Mar 8, 2021
 R
Burchett, Tim
Tennessee · Mar 2, 2021
 R
Garbarino, Andrew R.
New York · Mar 2, 2021
Newman, Marie
· Mar 2, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1502: Microloan Improvement Act of 2021. 117th Congress. Open America. https://openamerica.io/bill/117-HR-1502/
MLA
"H.R. 1502: Microloan Improvement Act of 2021." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-HR-1502/.
Bluebook (legal)
H.R. 1502, 117th Cong. (2026), https://openamerica.io/bill/117-HR-1502/.
Markdown link
[H.R. 1502: Microloan Improvement Act of 2021](https://openamerica.io/bill/117-HR-1502/)
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