[Congressional Record Volume 166, Number 116 (Wednesday, June 24, 2020)]
[Senate]
[Page S3219]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1685. Ms. DUCKWORTH submitted an amendment intended to be proposed 
by her to the bill S. 4049, to authorize appropriations for fiscal year 
2021 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. MICROLOAN PROGRAM.

       (a) In General.--Section 7(m) of the Small Business Act (15 
     U.S.C. 636(m)) is amended--
       (1) in paragraph (4)(C)(i)(II)--
       (A) by striking ``has a portfolio'' and inserting ``has--
       ``(aa) a portfolio'';
       (B) in item (aa), by striking the period at the end and 
     inserting ``; or''; and
       (C) by adding at the end the following:
       ``(bb) a portfolio of loans made under this subsection of 
     which not less than 25 percent is serving rural areas during 
     the period of the intermediary's participation in the 
     program.'';
       (2) in paragraph (6), by adding at the end the following:
       ``(F) Loan duration.--
       ``(i) In general.--With respect to a loan made by an 
     eligible intermediary under this paragraph on or after the 
     date of enactment of this subparagraph, the duration of the 
     loan shall be not more than 8 years.
       ``(ii) Existing borrowers.--With respect to a loan made by 
     an eligible intermediary under this paragraph to a borrower 
     before the date of enactment of this subparagraph, the 
     duration of the loan may be extended to not more than 8 
     years.''; and
       (3) 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.''.
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