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United States · Bill · HR

H.R. 2670 (114th)

Microloan Modernization Act of 2015

referredUnited States· United States Congress· EN

Introduced

4 June 2015

Last action

14 July 2015 · Introduced

Status

Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

Sponsors

Rep. Moulton, Seth [D-MA-6], Carlos Curbelo, Rep. Velázquez, Nydia M. [D-NY-7], Rep. Takai, Mark [D-HI-1], Del. Radewagen, Aumua Amata Coleman [R-AS-At Large], Rep. Chu, Judy [D-CA-28]

Subjects

Discovery layer

Source updated

7 April 2025

Official sourceDownload fileView documentsShare

Summary

Microloan Modernization Act of 2015 This bill amends the Small Business Act with respect to the rule under the Small Business Administration (SBA) Microloan Program (assisting low-income individuals to start and operate a small business) that permits SBA-designated microloan intermediary lenders to expend up to 25% of the grant funds they receive from the SBA to provide information and technical assistance to small business concerns that are their prospective borrowers. The SBA must establish a process by which these microloan intermediaries may apply for, and the SBA may grant, a waiver of this 25/75 allocation. This rule shall require any waiver applicant to: specify how it will use the additional technical assistance, and make assurances that the intermediary will have sufficient funds to provide technical assistance to all of the intermediary's borrowers. The total amount of loans outstanding and committed to any particular intermediary (excluding outstanding grants) from the SBA business loan and investment fund is increased from $5 million to $6 million for the remaining years of the intermediary's participation in the program. The SBA may not impose limitations on the repayment term of a loan by an intermediary to a small business concern or entrepreneur. This repayment term, however, may not exceed: 6 years for a loan of $10,000 or less, or 10 years for a loan greater than $10,000. An eligible intermediary may include lines of credit among the short-term, fixed rate loans it makes to startup, newly established, and growing small business concerns from SBA funds made available to the intermediary for working capital and the acquisition of materials, supplies, furniture, fixtures, and equipment. The Government Accountability Office shall: compare the operations of a representative sample of eligible intermediaries that participate in the microloan program and of eligible intermediaries that do not, study the reasons why the latter do not participate, recommend how to encourage increased participation by intermediaries in the microloan program, and recommend how to decrease the associated costs for intermediary participation. The SBA Office of Advocacy shall report to Congress on the economic impact of a mandatory savings requirement on business concerns eligible to participate in the microloan program, including on the benefits and costs of such a requirement, and make implementing recommendations.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 4 June 2015

    Introduced

    Referred to the House Committee on Small Business.

    Source: IntroReferral

  2. 4 June 2015

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 4 June 2015

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 10 June 2015

    Reported

    Ordered to be Reported by Voice Vote.

    Source: Committee

  5. 10 June 2015

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  6. 25 June 2015

    Calendars

    Placed on the Union Calendar, Calendar No. 140.

    Source: Calendars

  7. 25 June 2015

    Reported

    Reported by the Committee on Small Business. H. Rept. 114-188.

    Source: Committee

  8. 25 June 2015

    Reported

    Reported by the Committee on Small Business. H. Rept. 114-188.

    Source: Committee

  9. 13 July 2015

    Floor

    Mr. Chabot moved to suspend the rules and pass the bill.

    Source: Floor

  10. 13 July 2015

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  11. 13 July 2015

    Passed

    On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H5099)

    Source: Floor

  12. 13 July 2015

    Passed

    Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H5099)

    Source: Floor

  13. 13 July 2015

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 2670.

    Source: Floor

  14. 13 July 2015

    Floor

    Considered under suspension of the rules. (consideration: CR H5099-5101)

    Source: Floor

  15. 14 July 2015

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 14 July 2015

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 14 July 2015

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  • Engrossed in House (text)

    Engrossed in House · EN · 13 July 2015

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 13 July 2015

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  • Passed House without amendment

    summary · EN · 13 July 2015

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  • Reported in House (text)

    Reported in House · EN · 25 June 2015

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  • Reported in House (PDF)

    Reported in House · EN · 25 June 2015

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  • Reported to House without amendment

    summary · EN · 25 June 2015

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  • Introduced in House (text)

    Introduced in House · EN · 4 June 2015

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  • Introduced in House (PDF)

    Introduced in House · EN · 4 June 2015

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  • Introduced in House

    summary · EN · 4 June 2015

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Sponsors

Related records

Sources

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