[Congressional Record Volume 164, Number 121 (Wednesday, July 18, 2018)]
[Senate]
[Pages S5072-S5073]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
MICROLOAN MODERNIZATION ACT OF 2017
Mr. ROUNDS. Mr. President, I ask unanimous consent that the Senate
proceed to the immediate consideration of Calendar No. 346, S. 526.
The PRESIDING OFFICER. The clerk will report the bill by title.
The legislative clerk read as follows:
A bill (S. 526) to amend the Small Business Act to provide
for expanded participation in the microloan program, and for
other purposes.
There being no objection, the Senate proceeded to consider the bill,
which had been reported from the Committee on Small Business and
Entrepreneurship, with an amendment to strike all after the enacting
clause and insert in lieu thereof the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Microloan Modernization Act
of 2018''.
SEC. 2. DEFINITIONS.
In this Act--
(1) the term ``intermediary'' has the meaning given the
term in section 7(m)(11) of the Small Business Act (15 U.S.C.
636(m)(11)); and
[[Page S5073]]
(2) the term ``microloan program'' means the program
established under section 7(m) of the Small Business Act (15
U.S.C. 636(m)).
SEC. 3. MICROLOAN INTERMEDIARY LENDING LIMIT INCREASED.
Section 7(m)(3)(C) of the Small Business Act (15 U.S.C.
636(m)(3)(C)) is amended by striking ``$5,000,000'' and
inserting ``$6,000,000''.
SEC. 4. MICROLOAN TECHNICAL ASSISTANCE.
Section 7(m)(4)(E) of the Small Business Act (15 U.S.C.
636(m)(4)(E)) is amended by striking ``25 percent'' each
place that term appears and inserting ``50 percent''.
SEC. 5. SBA STUDY OF MICROENTERPRISE PARTICIPATION.
Not later than 1 year after the date of enactment of this
Act, the Administrator of the Small Business Administration
shall conduct a study and submit to the Committee on Small
Business and Entrepreneurship of the Senate and the Committee
on Small Business of the House of Representatives a report
on--
(1) the operations (including services provided, structure,
size, and area of operation) of a representative sample of--
(A) intermediaries that are eligible to participate in the
microloan program and that do participate; and
(B) intermediaries (including those operated for profit,
operated not for profit, and those affiliated with a United
States institution of higher learning) that are eligible to
participate in the microloan program and that do not
participate;
(2) the reasons why intermediaries described in paragraph
(1)(B) choose not to participate in the microloan program;
(3) recommendations on how to encourage increased
participation in the microloan program by intermediaries
described in paragraph (1)(B); and
(4) recommendations on how to decrease the costs associated
with participation in the microloan program for eligible
intermediaries.
SEC. 6. GAO STUDY ON MICROLOAN INTERMEDIARY PRACTICES.
Not later than 1 year after the date of enactment of this
Act, the Comptroller General of the United States shall
submit to the Committee on Small Business and
Entrepreneurship of the Senate and the Committee on Small
Business of the House of Representatives a report
evaluating--
(1) oversight of the microloan program by the Small
Business Administration, including oversight of
intermediaries participating in the microloan program; and
(2) the specific processes used by the Small Business
Administration to ensure--
(A) compliance by intermediaries participating in the
microloan program; and
(B) the overall performance of the microloan program.
Mr. ROUNDS. Mr. President, I ask unanimous consent that the
committee-reported substitute amendment be agreed to; that the Risch
amendment at the desk be agreed to; that the bill, as amended, be
considered read a third time.
The PRESIDING OFFICER. Without objection, it is so ordered.
The committee-reported amendment in the nature of a substitute was
agreed to.
The amendment (No. 3397) was agreed to, as follows:
(Purpose: To strike section 4)
Strike section 4.
The bill was ordered to be engrossed for a third reading and was read
the third time.
Mr. ROUNDS. I know of no further debate on the bill, as amended.
The PRESIDING OFFICER. If there is no further debate, the bill having
been read the third time, the question is, Shall the bill pass?
The bill (S. 526), as amended, was passed, as follows:
S. 526
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 Modernization Act
of 2018''.
SEC. 2. DEFINITIONS.
In this Act--
(1) the term ``intermediary'' has the meaning given the
term in section 7(m)(11) of the Small Business Act (15 U.S.C.
636(m)(11)); and
(2) the term ``microloan program'' means the program
established under section 7(m) of the Small Business Act (15
U.S.C. 636(m)).
SEC. 3. MICROLOAN INTERMEDIARY LENDING LIMIT INCREASED.
Section 7(m)(3)(C) of the Small Business Act (15 U.S.C.
636(m)(3)(C)) is amended by striking ``$5,000,000'' and
inserting ``$6,000,000''.
SEC. 4. SBA STUDY OF MICROENTERPRISE PARTICIPATION.
Not later than 1 year after the date of enactment of this
Act, the Administrator of the Small Business Administration
shall conduct a study and submit to the Committee on Small
Business and Entrepreneurship of the Senate and the Committee
on Small Business of the House of Representatives a report
on--
(1) the operations (including services provided, structure,
size, and area of operation) of a representative sample of--
(A) intermediaries that are eligible to participate in the
microloan program and that do participate; and
(B) intermediaries (including those operated for profit,
operated not for profit, and those affiliated with a United
States institution of higher learning) that are eligible to
participate in the microloan program and that do not
participate;
(2) the reasons why intermediaries described in paragraph
(1)(B) choose not to participate in the microloan program;
(3) recommendations on how to encourage increased
participation in the microloan program by intermediaries
described in paragraph (1)(B); and
(4) recommendations on how to decrease the costs associated
with participation in the microloan program for eligible
intermediaries.
SEC. 5. GAO STUDY ON MICROLOAN INTERMEDIARY PRACTICES.
Not later than 1 year after the date of enactment of this
Act, the Comptroller General of the United States shall
submit to the Committee on Small Business and
Entrepreneurship of the Senate and the Committee on Small
Business of the House of Representatives a report
evaluating--
(1) oversight of the microloan program by the Small
Business Administration, including oversight of
intermediaries participating in the microloan program; and
(2) the specific processes used by the Small Business
Administration to ensure--
(A) compliance by intermediaries participating in the
microloan program; and
(B) the overall performance of the microloan program.
Mr. ROUNDS. I ask unanimous consent that the motion to reconsider be
considered made and laid upon the table.
The PRESIDING OFFICER. Without objection, it is so ordered.
____________________