Bill SponsorBILLSPONSOR
Bill Sponsor
Politicians
Bills
House Bill 1502
117th Congress(2021-2022)
Microloan Improvement Act of 2021
Active
Active
Passed House on Apr 15, 2021
Overview
Text
Sponsor
Democrat
Introduced
Mar 2, 2021
Latest Action
Apr 19, 2021
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
1502
Congress
117
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
Democrat
Marie Newman
Illinois
Republican
Andrew Garbarino
New York
Republican
Claudia Tenney
New York
Republican
Brian Fitzpatrick
Pennsylvania
Republican
Jenniffer González-Colón
Puerto Rico
Democrat
Steve Cohen
Tennessee
Republican
Tim Burchett
Tennessee
Republican
Van Taylor
Texas
House Votes (1)
Senate Votes (0)
checkPassed on April 16, 2021
Question
On Motion to Suspend the Rules and Pass
Status
Passed
Type
Roll Call Vote
Roll Call Vote
A vote that records the individual position of each Member who voted. Such votes occurring on the House floor (by the "yeas and nays" or by "recorded vote") are taken by electronic device. The Senate has no electronic voting system; in such votes, Senators answer "yea" or "nay" as the clerk calls each name aloud. Each vote is compiled by clerks and receives a roll call number (referenced in Congress.gov as a "Record Vote" [Senate] or "Roll no." [House]).
Roll Call Type
2/3 Yea-And-Nay
Roll Number
114
House Roll Call Votes
Summary

Microloan Improvement Act of 2021

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 authorizes an intermediary to offer a line of credit to a small business, and it 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. 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.

Further, the SBA must (1) 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, (2) establish a process for an intermediary to provide the major credit reporting agencies with information about a borrower that is relevant to credit reporting, and (3) include information regarding equitable distribution of loan funds in its annual report.

Text (3)
Referred in Senate
April 19, 2021
Engrossed in House
April 15, 2021
Introduced in House
March 2, 2021
Actions (11)
04/19/2021
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
04/15/2021
Motion to reconsider laid on the table Agreed to without objection.
04/15/2021
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 397 - 16 (Roll no. 114). (text: 04/14/2021 CR H1765)
04/15/2021
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 397 - 16 (Roll no. 114).(text: 04/14/2021 CR H1765)
04/15/2021
Considered as unfinished business. (consideration: CR H1833)
04/14/2021
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
04/14/2021
DEBATE - The House proceeded with forty minutes of debate on H.R. 1502.
04/14/2021
Considered under suspension of the rules. (consideration: CR H1765-1767)
04/14/2021
Ms. Craig moved to suspend the rules and pass the bill.
03/02/2021
Referred to the House Committee on Small Business.
03/02/2021
Introduced in House
Public Record
Record Updated
Mar 8, 2023 7:58:20 PM
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