US HB6079 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Engrossed on September 15 2020 - 50% progression
Action: 2020-09-15 - Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Pending: Senate Small Business And Entrepreneurship Committee
Text: Latest bill text (Engrossed) [PDF]

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.

Tracking Information

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Title

Microloan Improvement Act of 2020

Sponsors


History

DateChamberAction
2020-09-15SenateReceived in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
2020-09-14HouseMotion to reconsider laid on the table Agreed to without objection.
2020-09-14HouseOn motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H4344)
2020-09-14HouseDEBATE - The House proceeded with forty minutes of debate on H.R. 6079.
2020-09-14HouseConsidered under suspension of the rules. (consideration: CR H4344-4345)
2020-09-14HouseMs. Velazquez moved to suspend the rules and pass the bill.
2020-03-11HouseOrdered to be Reported by Voice Vote.
2020-03-11HouseCommittee Consideration and Mark-up Session Held.
2020-03-04HouseReferred to the House Committee on Small Business.
2020-03-04HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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