H.R.2056 - Microloan Modernization Act of 2017115th Congress (2017-2018) |
|Sponsor:||Rep. Murphy, Stephanie N. [D-FL-7] (Introduced 04/06/2017)|
|Committees:||House - Small Business | Senate - Small Business and Entrepreneurship|
|Committee Reports:||H. Rept. 115-214|
|Latest Action:||Senate - 07/25/2017 Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.2056 — 115th Congress (2017-2018)All Information (Except Text)
Passed House amended (07/24/2017)
(This measure has not been amended since it was reported to the House on July 12, 2017. The summary of that version is repeated here.)
Microloan Modernization Act of 2017
(Sec. 3) This bill amends the Small Business Act, with respect to the Small Business Administration (SBA) Microloan Program (assisting low-income individuals to start and operate a small business), to increase from $5 million to $6 million the total amount of loans outstanding and committed to any particular intermediary (excluding outstanding grants) from the SBA business loan and investment fund for the remaining years of the intermediary's participation in the program.(Sec. 4) SBA-designated microloan intermediary lenders may expend up to 50% (currently, 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.
(Sec. 5) 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.
(Sec. 6) 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.