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   &lt;pre&gt;[Congressional Record Volume 167, Number 39 (Tuesday, March 2, 2021)][House]From the Congressional Record Online through the Government Publishing Office [&lt;a href="https://www.gpo.gov"&gt;www.gpo.gov&lt;/a&gt;]By Mr. KIM of New Jersey:H.R. 1502.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the United States Constitution[Page H1015]&lt;/pre&gt;
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     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)
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     Passed/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)
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     20:08:32
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     Considered as unfinished business. (consideration: CR H1833)
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     14:31:20
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     At 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.
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     DEBATE - The House proceeded with forty minutes of debate on H.R. 1502.
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     Considered under suspension of the rules. (consideration: CR H1765-1767)
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     Ms. Craig moved to suspend the rules and pass the bill.
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     Referred to the House Committee on Small Business.
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     Introduced in House
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     Rep. Kim, Andy [D-NJ-3]
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     Andy
    </firstName>
    <lastName>
     Kim
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     D
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     Rep. Garbarino, Andrew R. [R-NY-2]
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    <firstName>
     Andrew
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    <lastName>
     Garbarino
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    <state>
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     Rep. Newman, Marie [D-IL-3]
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     Marie
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    <lastName>
     Newman
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     3
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    <sponsorshipDate>
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    </sponsorshipDate>
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     True
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   <item>
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     Rep. Burchett, Tim [R-TN-2]
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    <firstName>
     Tim
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    <lastName>
     Burchett
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    <district>
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     Rep. Fitzpatrick, Brian K. [R-PA-1]
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    <lastName>
     Fitzpatrick
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    <middleName>
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     Rep. Taylor, Van [R-TX-3]
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     Van
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    <lastName>
     Taylor
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     R
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    <sponsorshipDate>
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    <lastName>
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     Resident Commissioner González-Colón, Jenniffer [R-PR-At Large]
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    <sponsorshipDate>
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   <name>
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  <subjects>
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      Administrative law and regulatory procedures
     </name>
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     <name>
      Business records
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    <item>
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      Credit and credit markets
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      Government information and archives
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    <actionDate>
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    </actionDate>
    <actionDesc>
     Introduced in House
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    <updateDate>
     2021-03-09T15:23:31Z
    </updateDate>
    <text>
     &lt;p&gt;&lt;b&gt;Microloan Improvement Act of 2021&lt;/b&gt;&lt;/p&gt; &lt;p&gt;This bill revises the microloan program through which the Small Business Administration (SBA) provides, through designated intermediaries, certain financial assistance to small businesses.&lt;/p&gt; &lt;p&gt;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.&lt;/p&gt; &lt;p&gt;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.&lt;/p&gt;
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     2021-04-15
    </actionDate>
    <actionDesc>
     Passed House
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    <updateDate>
     2021-04-27T16:13:40Z
    </updateDate>
    <text>
     &lt;p&gt;&lt;b&gt;Microloan Improvement Act of 2021&lt;/b&gt;&lt;/p&gt; &lt;p&gt;This bill revises the microloan program through which the Small Business Administration (SBA) provides, through designated intermediaries, certain financial assistance to small businesses.&lt;/p&gt; &lt;p&gt;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.&lt;/p&gt; &lt;p&gt;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.&lt;/p&gt;
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   Microloan Improvement Act of 2021
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     Microloan Improvement Act of 2021
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     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.
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2021-04-19
Small Business and Entrepreneurship Committee
sssb00
Senate
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
IntroReferral
H38310
2021-04-15
2
House floor actions
Motion to reconsider laid on the table Agreed to without objection.
Floor
H37300
2021-04-15
2
House floor actions
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)
Floor
8000
2021-04-15
9
Library of Congress
Passed/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)
Floor
H30000
2021-04-15
2
House floor actions
Considered as unfinished business. (consideration: CR H1833)
Floor
H37220
2021-04-14
2
House floor actions
At 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.
Floor
H8D000
2021-04-14
2
House floor actions
DEBATE - The House proceeded with forty minutes of debate on H.R. 1502.
Floor
H30000
2021-04-14
2
House floor actions
Considered under suspension of the rules. (consideration: CR H1765-1767)
Floor
H30300
2021-04-14
2
House floor actions
Ms. Craig moved to suspend the rules and pass the bill.
Floor
H11100
2021-03-02
Small Business Committee
hssm00
2
House floor actions
Referred to the House Committee on Small Business.
IntroReferral
Intro-H
2021-03-02
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-03-02
9
Library of Congress
Introduced in House
IntroReferral
2021-04-19T21:36:28Z
Referred to
Senate
Small Business and Entrepreneurship Committee
sssb00
Standing
2021-03-02T14:07:00Z
Referred to
House
Small Business Committee
hssm00
Standing
G000597
2
Andrew
Rep. Garbarino, Andrew R. [R-NY-2]
Garbarino
R.
R
2021-03-02
NY
N000192
3
Marie
Rep. Newman, Marie [D-IL-3]
Newman
D
2021-03-02
IL
B001309
2
Tim
Rep. Burchett, Tim [R-TN-2]
Burchett
R
2021-03-02
TN
F000466
1
Brian
Rep. Fitzpatrick, Brian K. [R-PA-1]
Fitzpatrick
K.
R
2021-03-08
PA
T000479
3
Van
Rep. Taylor, Van [R-TX-3]
Taylor
R
2021-03-08
TX
T000478
22
Claudia
Rep. Tenney, Claudia [R-NY-22]
Tenney
R
2021-03-16
NY
C001068
9
Steve
Rep. Cohen, Steve [D-TN-9]
Cohen
D
2021-03-16
TN
G000582
0
Jenniffer
Resident Commissioner González-Colón, Jenniffer [R-PR-At Large]
Gonzalez-Colon
R
2021-04-13
PR
Congressional Research Service, Library of Congress
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
2021-03-02
2021-04-19
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
House
Commerce
K000394
3
Andy
Rep. Kim, Andy [D-NJ-3]
N
Kim
D
NJ
Administrative law and regulatory procedures Business records Credit and credit markets Government information and archives Government lending and loan guarantees Interest, dividends, interest rates Small Business Administration Small business
2021-03-02
Introduced in House
 <p><b>Microloan Improvement Act of 2021</b></p> <p>This bill revises the microloan program through which the Small Business Administration (SBA) provides, through designated intermediaries, certain financial assistance to small businesses.</p> <p>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.</p> <p>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.</p>
2021-03-09T15:23:31Z
00
2021-04-15
Passed House
 <p><b>Microloan Improvement Act of 2021</b></p> <p>This bill revises the microloan program through which the Small Business Administration (SBA) provides, through designated intermediaries, certain financial assistance to small businesses.</p> <p>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.</p> <p>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.</p>
2021-04-27T16:13:40Z
53
2021-04-19T04:00:00Z
Referred in Senate
https://www.govinfo.gov/content/pkg/BILLS-117hr1502rfs/xml/BILLS-117hr1502rfs.xml
2021-04-15T04:00:00Z
Engrossed in House
https://www.govinfo.gov/content/pkg/BILLS-117hr1502eh/xml/BILLS-117hr1502eh.xml
2021-03-02T05:00:00Z
Introduced in House
https://www.govinfo.gov/content/pkg/BILLS-117hr1502ih/xml/BILLS-117hr1502ih.xml
Microloan Improvement Act of 2021
Microloan Improvement Act of 2021
Display Title
EH
Engrossed in House
H
House
Microloan Improvement Act of 2021
Short Title(s) as Passed House
EH
Engrossed in House
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.
Official Title as Introduced
IH
Introduced in House
Microloan Improvement Act of 2021
Short Title(s) as Introduced
H
House
Microloan Improvement Act of 2021
Short Titles as Passed House
HR
2023-03-08T19:58:20Z
2023-03-08T19:58:20Z
3.0.0
2021-04-19
Small Business and Entrepreneurship Committee
sssb00
Senate
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
IntroReferral
H38310
2021-04-15
2
House floor actions
Motion to reconsider laid on the table Agreed to without objection.
Floor
H37300
2021-04-15
2
House floor actions
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)
Floor
8000
2021-04-15
9
Library of Congress
Passed/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)
Floor
H30000
2021-04-15
2
House floor actions
Considered as unfinished business. (consideration: CR H1833)
Floor
H37220
2021-04-14
2
House floor actions
At 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.
Floor
H8D000
2021-04-14
2
House floor actions
DEBATE - The House proceeded with forty minutes of debate on H.R. 1502.
Floor
H30000
2021-04-14
2
House floor actions
Considered under suspension of the rules. (consideration: CR H1765-1767)
Floor
H30300
2021-04-14
2
House floor actions
Ms. Craig moved to suspend the rules and pass the bill.
Floor
H11100
2021-03-02
Small Business Committee
hssm00
2
House floor actions
Referred to the House Committee on Small Business.
IntroReferral
Intro-H
2021-03-02
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-03-02
9
Library of Congress
Introduced in House
IntroReferral
K000394
3
Andy
Rep. Kim, Andy [D-NJ-3]
N
Kim
D
NJ
G000597
2
Andrew
Rep. Garbarino, Andrew R. [R-NY-2]
Garbarino
R.
R
2021-03-02
NY
N000192
3
Marie
Rep. Newman, Marie [D-IL-3]
Newman
D
2021-03-02
IL
B001309
2
Tim
Rep. Burchett, Tim [R-TN-2]
Burchett
R
2021-03-02
TN
F000466
1
Brian
Rep. Fitzpatrick, Brian K. [R-PA-1]
Fitzpatrick
K.
R
2021-03-08
PA
T000479
3
Van
Rep. Taylor, Van [R-TX-3]
Taylor
R
2021-03-08
TX
T000478
22
Claudia
Rep. Tenney, Claudia [R-NY-22]
Tenney
R
2021-03-16
NY
C001068
9
Steve
Rep. Cohen, Steve [D-TN-9]
Cohen
D
2021-03-16
TN
G000582
0
Jenniffer
Resident Commissioner González-Colón, Jenniffer [R-PR-At Large]
Gonzalez-Colon
R
2021-04-13
PR
Administrative law and regulatory procedures Business records Credit and credit markets Government information and archives Government lending and loan guarantees Interest, dividends, interest rates Small Business Administration Small business
2021-03-02
Introduced in House
 <p><b>Microloan Improvement Act of 2021</b></p> <p>This bill revises the microloan program through which the Small Business Administration (SBA) provides, through designated intermediaries, certain financial assistance to small businesses.</p> <p>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.</p> <p>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.</p>
2021-03-09T15:23:31Z
00
2021-04-15
Passed House
 <p><b>Microloan Improvement Act of 2021</b></p> <p>This bill revises the microloan program through which the Small Business Administration (SBA) provides, through designated intermediaries, certain financial assistance to small businesses.</p> <p>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.</p> <p>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.</p>
2021-04-27T16:13:40Z
53
Microloan Improvement Act of 2021
Microloan Improvement Act of 2021
Display Title
EH
Engrossed in House
H
House
Microloan Improvement Act of 2021
Short Title(s) as Passed House
EH
Engrossed in House
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.
Official Title as Introduced
IH
Introduced in House
Microloan Improvement Act of 2021
Short Title(s) as Introduced
H
House
Microloan Improvement Act of 2021
Short Titles as Passed House
2021-04-19
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.