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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (3)

Short Titles

Short Titles - House of Representatives

Short Titles as Passed House

Microloan Improvement Act of 2021

Short Title(s) as Introduced

Microloan Improvement Act of 2021

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Small Business Act to optimize the operations of the microloan program, lower costs for small business concerns and intermediary participants in the program, and for other purposes.

Actions Overview (2)

Date Actions Overview
04/15/2021Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 397 - 16 (Roll no. 114).(text: 04/14/2021 CR H1765)
03/02/2021Introduced in House

All Actions (10)

Date Chamber All Actions
04/19/2021SenateReceived in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
04/15/2021-8:39pmHouseMotion to reconsider laid on the table Agreed to without objection.
04/15/2021-8:39pmHouseOn motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 397 - 16 (Roll no. 114). (text: 04/14/2021 CR H1765)
04/15/2021-8:08pmHouseConsidered as unfinished business. (consideration: CR H1833)
04/14/2021-2:31pmHouseAt the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
04/14/2021-2:20pmHouseDEBATE - The House proceeded with forty minutes of debate on H.R. 1502.
04/14/2021-2:20pmHouseConsidered under suspension of the rules. (consideration: CR H1765-1767)
04/14/2021-2:18pmHouseMs. Craig moved to suspend the rules and pass the bill.
03/02/2021HouseReferred to the House Committee on Small Business.
03/02/2021HouseIntroduced in House

Cosponsors (8)

Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
House Small Business03/02/2021 Referred to
Senate Small Business and Entrepreneurship04/19/2021 Referred to

As of 06/14/2021 no related bill information has been received for H.R.1502 - Microloan Improvement Act of 2021

Latest Summary (2)

There are 2 summaries for H.R.1502. View summaries

Shown Here:
Passed House (04/15/2021)

Microloan Improvement Act of 2021

This bill revises the microloan program through which the Small Business Administration (SBA) provides, through designated intermediaries, certain financial assistance to small businesses.

Specifically, the bill authorizes an intermediary to offer a line of credit to a small business, and it increases the average amount for loans from an intermediary to participating small businesses that makes the intermediary eligible for a reduced interest rate on SBA loans. The bill also places limits on the repayment term for a microloan, and it prohibits the SBA from imposing any additional limitation on the term for repayment of a microloan.

Further, the SBA must (1) reserve 15% of new loan funds that are made available for disbursement as microloans to designated underutilized states and make the remaining 85% available for any state, (2) establish a process for an intermediary to provide the major credit reporting agencies with information about a borrower that is relevant to credit reporting, and (3) include information regarding equitable distribution of loan funds in its annual report.