S.996 - Microloan Program Enhancement Act of 2019116th Congress (2019-2020) |
|Sponsor:||Sen. Duckworth, Tammy [D-IL] (Introduced 04/02/2019)|
|Committees:||Senate - Small Business and Entrepreneurship|
|Committee Meetings:||06/03/20 10:00AM|
|Latest Action:||Senate - 06/03/2020 Committee on Small Business and Entrepreneurship. Hearings held. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.996 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (04/02/2019)
Microloan Program Enhancement Act of 2019
This bill expands access to financing through the Microloan Program of the Small Business Administration (SBA).
Specifically, the bill eliminates a restriction that prevents the SBA from distributing more than 1/55th of its funding in any state during the first half of the year. The bill also raises the cap on the total amount that may be committed to an intermediary to provide loans under the program. Lastly, the bill sets program levels for technical assistance grants and direct loans through FY2022.