US HR6291

Bill

Microloan Emergency Assistance Act of 2020

Introduced
03/19/2020

In Committee
03/19/2020

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

To amend the microloan program of the Small Business Adminstration in response to COVID-19, and for other purposes. This bill expands the Microloan Program of the Small Business Administration (SBA). Specifically, the bill increases the amount of funds available to an individual loan intermediary (i.e., a recipient of SBA direct loans that, in turn, makes microloans to startups and newly established or growing small businesses). The bill also makes eligible for certain technical assistance grants an intermediary that, among other requirements, provides at least 25% of its loans to small businesses in an economically distressed area. In addition, the bill temporarily (1) extends repayment terms for microloans, and (2) authorizes the SBA to provide increased amounts for both technical assistance grants and direct loans. The bill also requires the SBA to temporarily waive (1) the requirement that an intermediary contribute non-federal funds as a condition of receiving a technical assistance grant, and (2) the limitation on amounts allowed to be expended to provide certain information and technical assistance.

AI Summary

This bill, the Microloan Emergency Assistance Act of 2020, expands the Microloan Program of the Small Business Administration (SBA) in response to the COVID-19 pandemic. It increases the funds available to individual loan intermediaries, makes certain intermediaries eligible for technical assistance grants, temporarily extends repayment terms for microloans, and authorizes the SBA to provide increased amounts for technical assistance grants and direct loans. The bill also temporarily waives the requirement for intermediaries to contribute non-federal funds and the limitation on amounts allowed to be expended for information and technical assistance. Additionally, the bill increases the authorized program levels for the Microloan Program for fiscal years 2021 through 2025.

Committee Categories

Business and Industry

Sponsors (1)

Andy Kim (D)*,

Last Action

Referred to the House Committee on Small Business. (on 03/19/2020)

Official Document

https://www.congress.gov/bill/116th-congress/house-bill/6291/all-info

(6 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/house-bill/6291/all-info
BillText	https://www.congress.gov/116/bills/hr6291/BILLS-116hr6291ih.pdf
Bill	https://www.congress.gov/116/bills/hr6291/BILLS-116hr6291ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR6312	COVID–19 Relief for Small Businesses Act of 2020	Referred to the House Committee on Small Business.	Related
HR6379	Take Responsibility for Workers and Families Act Workforce Emergency Response Act of 2020	Referred to the Committee on Appropriations, and in addition to the Committees on the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
HR6800	The Heroes Act	Committee on Small Business and Entrepreneurship. Hearings held.	Related
HRes967	Providing for consideration of the resolution (H. Res. 965) authorizing remote voting by proxy in the House of Representatives and providing for official remote committee proceedings during a public health emergency due to a novel coronavirus, and for other purposes; providing for consideration of the bill (H.B. 6800) making emergency supplemental appropriations for the fiscal year ending September 30, 2020, and for other purposes; providing for proceedings during the period from May 19, 2020, t	Motion to reconsider laid on the table Agreed to without objection.	Similar To
S3554	COVID–19 RELIEF for Small Businesses Act of 2020 COVID–19 Recovery by Enhancing Loan, Investment, and Education Funds for Small Businesses Act of 2020	Read twice and referred to the Committee on Small Business and Entrepreneurship.	Related
S4818	Heroes Small Business Lifeline Act	Committee on Small Business and Entrepreneurship. Hearings held.	Related

Bill > HR6291

US HR6291

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary