[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 996 Introduced in Senate (IS)]
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116th CONGRESS
1st Session
S. 996
To modify the microloan program of the Small Business Administration,
and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 2, 2019
Ms. Duckworth introduced the following bill; which was read twice and
referred to the Committee on Small Business and Entrepreneurship
_______________________________________________________________________
A BILL
To modify the microloan program of the Small Business Administration,
and for other purposes.
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 Program Enhancement Act of
2019''.
SEC. 2. MICROLOAN PROGRAM.
(a) In General.--Section 7(m) of the Small Business Act (15 U.S.C.
636(m)) is amended--
(1) in paragraph (3)(C)--
(A) by striking ``and $6,000,000'' and inserting
``, $7,000,000, in the aggregate,''; and
(B) by inserting before the period at the end the
following: ``, and $3,000,000 in any of those remaining
years'';
(2) in paragraph (4)--
(A) in subparagraph (A), by striking ``subparagraph
(C)'' each place that term appears and inserting
``subparagraphs (C) and (G)'';
(B) in subparagraph (C)(i), by striking
``subparagraph (A)'' and inserting ``subparagraphs (A)
and (G)''; and
(C) by adding at the end the following:
``(G) Grant amounts based on appropriations.--In
any fiscal year in which the amount appropriated to
make grants under subparagraph (A) is sufficient to
provide to each intermediary that receives a loan under
paragraph (1)(B)(i) a grant of not less than 25 percent
of the total outstanding balance of loans made to the
intermediary under this subsection, the Administration
shall make a grant under subparagraph (A) to each
intermediary of not less than 25 percent and not more
than 30 percent of that total outstanding balance for
the intermediary.'';
(3) in paragraph (8)--
(A) by striking ``In approving'' and inserting the
following:
``(A) In general.--In approving''; and
(B) by adding at the end the following:
``(B) Annual report.--The Administrator shall, on
an annual basis, submit to the Committee on Small
Business and Entrepreneurship of the Senate and the
Committee on Small Business of the House of
Representatives, and make publicly available on the
website of the Administration, a report on how the
Administration has met the requirements of subparagraph
(A).''; and
(4) in paragraph (10)--
(A) in the matter preceding subparagraph (A)--
(i) by striking ``On November 1, 1995, the
Administration shall'' and inserting ``The
Administration shall, on an annual basis,'';
(ii) by inserting ``and make available to
the public on the website of the
Administration'' after ``Representatives''; and
(iii) by striking ``of the first 3 \1/2\
years'';
(B) in subparagraph (F), by striking ``and'' at the
end;
(C) by redesignating subparagraph (G) as
subparagraph (I); and
(D) by inserting after subparagraph (F) the
following:
``(G) the number of small business concerns that
received a microloan that remain in business after
completing the final payment of the microloan;
``(H) the number of jobs created and retained by
small business concerns after completing the final
payment of the microloan; and''.
(b) Minimum Allocation.--Section 7(m) of the Small Business Act (15
U.S.C. 636(m)) is amended 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.''.
(c) Program Levels.--Section 20 of the Small Business Act (15
U.S.C. 631 note) is amended by adding at the end the following:
``(h) Microloan Program.--The following program levels are
authorized for the microloan program under section 7(m):
``(1) Fiscal year 2020.--For the programs authorized by
this Act, the Administration is authorized to make, for fiscal
year 2020--
``(A) $80,000,000 in technical assistance grants,
as provided in section 7(m); and
``(B) $110,000,000 in direct loans, as provided in
section 7(m).
``(2) Fiscal year 2021.--For the programs authorized by
this Act, the Administration is authorized to make, for fiscal
year 2021--
``(A) $80,000,000 in technical assistance grants,
as provided in section 7(m); and
``(B) $110,000,000 in direct loans, as provided in
section 7(m).
``(3) Fiscal year 2022.--For the programs authorized by
this Act, the Administration is authorized to make, for fiscal
year 2022--
``(A) $80,000,000 in technical assistance grants,
as provided in section 7(m); and
``(B) $110,000,000 in direct loans, as provided in
section 7(m).''.
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