MICRO Business Success Act

Summary

Microbusiness Improvement and Coronavirus Recovery Opportunities for Business Success Act of 2020 or the MICRO Business Success Act This bill provides designated Small Business Administration (SBA) assistance for small businesses with 10 or fewer employees. Specifically, out of the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), the bill allots $20 billion of remaining program funds for small businesses with 10 or fewer employees. Additionally, the bill raises the aggregate amount for SBA loans to such small businesses from $6 million to $10 million. The bill adds the expansion of such small businesses to the list of economic development objectives from which a small business development company must demonstrate at least one in order to qualify for SBA assistance. It also requires a participating small business development company to provide specified assistance to such small businesses.

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Timeline

1. 23 July 2020

   Introduced

   Referred to the House Committee on Small Business.

   Source: IntroReferral

2. 23 July 2020

   Introduced

   Introduced in House

   Source: IntroReferral

3. 23 July 2020

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 23 July 2020 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 23 July 2020

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 23 July 2020

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 23 July 2020

  Open at official source

Sponsors

• STEVE CHABOT · R · Sponsor
• Troy Balderson · R · Cosponsor
• · hssm00 · Standing

Related records

No cross-record relationships stored yet.