3.0.0 1502 2023-03-08T19:58:20Z 2023-03-08T19:58:20Z House HR 2021-03-02 117 [Congressional Record Volume 167, Number 39 (Tuesday, March 2, 2021)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. KIM of New Jersey:H.R. 1502.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the United States Constitution[Page H1015]]]> sssb00 Small Business and Entrepreneurship Committee Senate Standing Referred to 2021-04-19T21:36:28Z hssm00 Small Business Committee House Standing Referred to 2021-03-02T14:07:00Z 2021-04-19 sssb00 Small Business and Entrepreneurship Committee Senate Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. IntroReferral 2021-04-15 20:39:27 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2021-04-15 20:39:26 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) Floor H37300 2 House floor actions 114 https://clerk.house.gov/evs/2021/roll114.xml House 117 2021-04-16T00:39:26Z 1 2021-04-15 20:39:26 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) Floor 8000 9 Library of Congress 114 https://clerk.house.gov/evs/2021/roll114.xml House 117 2021-04-16T00:39:26Z 1 2021-04-15 20:08:32 Considered as unfinished business. (consideration: CR H1833) Floor H30000 2 House floor actions 2021-04-14 14:31:20 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. Floor H37220 2 House floor actions 2021-04-14 14:20:06 DEBATE - The House proceeded with forty minutes of debate on H.R. 1502. Floor H8D000 2 House floor actions 2021-04-14 14:20:02 Considered under suspension of the rules. (consideration: CR H1765-1767) Floor H30000 2 House floor actions 2021-04-14 14:18:38 Ms. Craig moved to suspend the rules and pass the bill. Floor H30300 2 House floor actions 2021-03-02 Referred to the House Committee on Small Business. IntroReferral H11100 2 House floor actions hssm00 Small Business Committee 2021-03-02 Introduced in House IntroReferral Intro-H 9 Library of Congress 2021-03-02 Introduced in House IntroReferral 1000 9 Library of Congress K000394 Rep. Kim, Andy [D-NJ-3] Andy Kim D NJ 3 N G000597 Rep. Garbarino, Andrew R. [R-NY-2] Andrew Garbarino R NY R. 2 2021-03-02 True N000192 Rep. Newman, Marie [D-IL-3] Marie Newman D IL 3 2021-03-02 True B001309 Rep. Burchett, Tim [R-TN-2] Tim Burchett R TN 2 2021-03-02 True F000466 Rep. Fitzpatrick, Brian K. [R-PA-1] Brian Fitzpatrick R PA K. 1 2021-03-08 False T000479 Rep. Taylor, Van [R-TX-3] Van Taylor R TX 3 2021-03-08 False T000478 Rep. Tenney, Claudia [R-NY-22] Claudia Tenney R NY 22 2021-03-16 False C001068 Rep. Cohen, Steve [D-TN-9] Steve Cohen D TN 9 2021-03-16 False G000582 Resident Commissioner González-Colón, Jenniffer [R-PR-At Large] Jenniffer Gonzalez-Colon R PR 0 2021-04-13 False 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 Commerce 00 2021-03-02 Introduced in House 2021-03-09T15:23:31Z 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.

]]> 53 2021-04-15 Passed House 2021-04-27T16:13:40Z 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.

]]> Microloan Improvement Act of 2021 Display Title Microloan Improvement Act of 2021 Short Title(s) as Passed House Microloan Improvement Act of 2021 H House Engrossed in House EH Official Title as Introduced To amend the Small Business Act to optimize the operations of the microloan program, lower costs for small business concerns and intermediary participants in the program, and for other purposes. Engrossed in House EH Short Title(s) as Introduced Microloan Improvement Act of 2021 Introduced in House IH Short Titles as Passed House Microloan Improvement Act of 2021 H House Referred in Senate 2021-04-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr1502rfs/xml/BILLS-117hr1502rfs.xml Engrossed in House 2021-04-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr1502eh/xml/BILLS-117hr1502eh.xml Introduced in House 2021-03-02T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr1502ih/xml/BILLS-117hr1502ih.xml 2021-04-19 Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.