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Bills
House Bill 6079
116th Congress(2019-2020)
Microloan Improvement Act of 2020
Active
Active
Passed House on Sep 14, 2020
Overview
Text
Sponsor
Democrat
Introduced
Mar 4, 2020
Latest Action
Sep 15, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
6079
Congress
116
Policy Area
Commerce
Commerce
Primary focus of measure is business investment, development, regulation; small business; consumer affairs; competition and restrictive trade practices; manufacturing, distribution, retail; marketing; intellectual property. Measures concerning international competitiveness and restrictions on imports and exports may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
Andy Kim
New Jersey
Republican
Tim Burchett
Tennessee
House Votes (1)
Senate Votes (0)
checkPassed on September 14, 2020
Status
Passed
Type
Voice Vote
Voice Vote
A vote in which the presiding officer states the question, then asks those in favor and against to say "Yea" or "Nay," respectively, and announces the result according to his or her judgment. The names or numbers of senators voting on each side are not recorded.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
Summary

Microloan Improvement Act of 2020

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 raises the limit on the aggregate amount for loans the SBA makes to an intermediary participating in the microloan program. Further, the bill (1) authorizes an intermediary to offer a line of credit to a small business, (2) 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, and (3) makes certain intermediaries eligible to receive a 5% technical assistance grant.

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.

The SBA must 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.

Text (3)
Referred in Senate
September 15, 2020
Engrossed in House
September 14, 2020
Introduced in House
March 4, 2020
Actions (11)
09/15/2020
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
09/14/2020
Motion to reconsider laid on the table Agreed to without objection.
09/14/2020
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H4344)
09/14/2020
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
09/14/2020
DEBATE - The House proceeded with forty minutes of debate on H.R. 6079.
09/14/2020
Considered under suspension of the rules. (consideration: CR H4344-4345)
09/14/2020
Ms. Velazquez moved to suspend the rules and pass the bill.
03/11/2020
Ordered to be Reported by Voice Vote.
03/11/2020
Committee Consideration and Mark-up Session Held.
03/04/2020
Referred to the House Committee on Small Business.
03/04/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:45:04 PM
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