H.R.6078 - Microloan Transparency and Accountability Act of 2020116th Congress (2019-2020)
|Sponsor:||Rep. Burchett, Tim [R-TN-2] (Introduced 03/04/2020)|
|Committees:||House - Small Business | Senate - Small Business and Entrepreneurship|
|Latest Action:||Senate - 09/15/2020 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
Summary: H.R.6078 — 116th Congress (2019-2020)All Information (Except Text)
Passed House (09/14/2020)
Microloan Transparency and Accountability Act of 2020
This bill modifies provisions related to the Small Business Administration's (SBA) disbursement of certain financial assistance.
Specifically, the bill establishes a 5% technical assistance grant for certain intermediaries, including intermediaries who make 25% of their loans to rural small businesses. Further, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.