[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.

                          ____________________