[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 996 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                 S. 996

 To modify the microloan program of the Small Business Administration, 
                        and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 2, 2019

 Ms. Duckworth introduced the following bill; which was read twice and 
    referred to the Committee on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
 To modify the microloan program of the Small Business Administration, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Microloan Program Enhancement Act of 
2019''.

SEC. 2. MICROLOAN PROGRAM.

    (a) In General.--Section 7(m) of the Small Business Act (15 U.S.C. 
636(m)) is amended--
            (1) in paragraph (3)(C)--
                    (A) by striking ``and $6,000,000'' and inserting 
                ``, $7,000,000, in the aggregate,''; and
                    (B) by inserting before the period at the end the 
                following: ``, and $3,000,000 in any of those remaining 
                years'';
            (2) in paragraph (4)--
                    (A) in subparagraph (A), by striking ``subparagraph 
                (C)'' each place that term appears and inserting 
                ``subparagraphs (C) and (G)'';
                    (B) in subparagraph (C)(i), by striking 
                ``subparagraph (A)'' and inserting ``subparagraphs (A) 
                and (G)''; and
                    (C) by adding at the end the following:
                    ``(G) Grant amounts based on appropriations.--In 
                any fiscal year in which the amount appropriated to 
                make grants under subparagraph (A) is sufficient to 
                provide to each intermediary that receives a loan under 
                paragraph (1)(B)(i) a grant of not less than 25 percent 
                of the total outstanding balance of loans made to the 
                intermediary under this subsection, the Administration 
                shall make a grant under subparagraph (A) to each 
                intermediary of not less than 25 percent and not more 
                than 30 percent of that total outstanding balance for 
                the intermediary.'';
            (3) in paragraph (8)--
                    (A) by striking ``In approving'' and inserting the 
                following:
                    ``(A) In general.--In approving''; and
                    (B) by adding at the end the following:
                    ``(B) Annual report.--The Administrator shall, on 
                an annual basis, submit to the Committee on Small 
                Business and Entrepreneurship of the Senate and the 
                Committee on Small Business of the House of 
                Representatives, and make publicly available on the 
                website of the Administration, a report on how the 
                Administration has met the requirements of subparagraph 
                (A).''; and
            (4) in paragraph (10)--
                    (A) in the matter preceding subparagraph (A)--
                            (i) by striking ``On November 1, 1995, the 
                        Administration shall'' and inserting ``The 
                        Administration shall, on an annual basis,'';
                            (ii) by inserting ``and make available to 
                        the public on the website of the 
                        Administration'' after ``Representatives''; and
                            (iii) by striking ``of the first 3 \1/2\ 
                        years'';
                    (B) in subparagraph (F), by striking ``and'' at the 
                end;
                    (C) by redesignating subparagraph (G) as 
                subparagraph (I); and
                    (D) by inserting after subparagraph (F) the 
                following:
                    ``(G) the number of small business concerns that 
                received a microloan that remain in business after 
                completing the final payment of the microloan;
                    ``(H) the number of jobs created and retained by 
                small business concerns after completing the final 
                payment of the microloan; and''.
    (b) Minimum Allocation.--Section 7(m) of the Small Business Act (15 
U.S.C. 636(m)) is amended by striking paragraph (7) and inserting the 
following:
            ``(7) Program funding for microloans.--Under the program 
        authorized by this subsection, the Administration may fund, on 
        a competitive basis, not more than 300 intermediaries.''.
    (c) Program Levels.--Section 20 of the Small Business Act (15 
U.S.C. 631 note) is amended by adding at the end the following:
    ``(h) Microloan Program.--The following program levels are 
authorized for the microloan program under section 7(m):
            ``(1) Fiscal year 2020.--For the programs authorized by 
        this Act, the Administration is authorized to make, for fiscal 
        year 2020--
                    ``(A) $80,000,000 in technical assistance grants, 
                as provided in section 7(m); and
                    ``(B) $110,000,000 in direct loans, as provided in 
                section 7(m).
            ``(2) Fiscal year 2021.--For the programs authorized by 
        this Act, the Administration is authorized to make, for fiscal 
        year 2021--
                    ``(A) $80,000,000 in technical assistance grants, 
                as provided in section 7(m); and
                    ``(B) $110,000,000 in direct loans, as provided in 
                section 7(m).
            ``(3) Fiscal year 2022.--For the programs authorized by 
        this Act, the Administration is authorized to make, for fiscal 
        year 2022--
                    ``(A) $80,000,000 in technical assistance grants, 
                as provided in section 7(m); and
                    ``(B) $110,000,000 in direct loans, as provided in 
                section 7(m).''.
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