Senate Bill 526
115th Congress(2017-2018)
Microloan Modernization Act of 2018
Active
Amendments
Active
Passed Senate on Jul 18, 2018
Overview
Text
Introduced
Mar 2, 2017
Latest Action
Dec 20, 2018
Origin Chamber
Senate
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
526
Congress
115
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
Nebraska
Delaware
Michigan
New Hampshire
South Carolina
Passed
July 18, 2018
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 Senate: Passed Senate with an amendment by Voice Vote.(text: CR S5073)
Summary

Microloan Modernization Act of 2017

This bill amends the Small Business Act to repeal the "25/75" rule under the Small Business Administration (SBA) Microloan Program (assisting low-income individuals to start and operate a small business) that permits SBA-designated microloan intermediary lenders to expend up to 25% of the intensive marketing, management, and technical assistance grant funds they receive from the SBA to provide information and technical assistance to small business concerns that are their prospective borrowers.

The total amount of loans outstanding and committed to any particular intermediary (excluding outstanding grants) from the SBA business loan and investment fund shall be increased from $5 million to $6 million for the remaining years of the intermediary's participation in the program.

The SBA shall:

  • compare the operations of a representative sample of eligible intermediaries that participate in the microloan program and of eligible intermediaries that do not,
  • study the reasons why the latter do not participate,
  • recommend how to encourage increased participation by intermediaries in the microloan program, and
  • recommend how to decrease the associated costs for intermediary participation.

The Government Accountability Office shall evaluate:

  • SBA oversight of the microloan program, including oversight of participating intermediaries; and
  • the specific processes the SBA uses to ensure program compliance by participating intermediaries and overall microloan program performance.
Text (3)
July 18, 2018
March 19, 2018
Amendments (1)
Jul 18, 2018
Agreed to in Senate
1
Sponsorship
Senate Amendment 3397
To strike section 4.
Agreed To
Actions (13)
12/20/2018
By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-452.
07/19/2018
Held at the desk.
07/19/2018
Message on Senate action sent to the House.
07/19/2018
Received in the House.
07/18/2018
Passed Senate with an amendment by Voice Vote. (text: CR S5073)
07/18/2018
Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.(text: CR S5073)
07/18/2018
The committee substitute as amended agreed to by Unanimous Consent.
07/18/2018
Measure laid before Senate by unanimous consent. (consideration: CR S5072-5073)
03/19/2018
Placed on Senate Legislative Calendar under General Orders. Calendar No. 346.
03/19/2018
Committee on Small Business and Entrepreneurship. Reported by Senator Risch with an amendment in the nature of a substitute. Without written report.
03/14/2018
Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.
03/02/2017
Read twice and referred to the Committee on Small Business and Entrepreneurship.
03/02/2017
Introduced in Senate
Public Record
Created
Mar 3, 2017 5:11:28 AM
Updated
Feb 1, 2021 10:22:17 PM