United States · Bill · HR
H.R. 1502 (117th)
Microloan Improvement Act of 2021
Introduced
2 March 2021
Last action
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Status
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Sponsors
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Subjects
Discovery layer
Source updated
28 May 2025
Summary
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.
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Votes
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Documents
8 official files
Referred in Senate (text)
Referred in Senate (text)
Referred in Senate · EN · 19 April 2021
Referred in Senate (PDF)
Referred in Senate · EN · 19 April 2021
Engrossed in House (text)
Engrossed in House · EN · 15 April 2021
Engrossed in House (PDF)
Engrossed in House · EN · 15 April 2021
Passed House
summary · EN · 15 April 2021
Introduced in House (text)
Introduced in House · EN · 2 March 2021
Introduced in House (PDF)
Introduced in House · EN · 2 March 2021
Introduced in House
summary · EN · 2 March 2021
Sponsors
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Related records
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Sources
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- Official source: https://www.congress.gov/bill/117th-congress/house-bill/1502
- Open data entity: https://api.congress.gov/v3/bill/117/hr/1502