117th Congress (2021–2023) · House bill · Sponsor: Rep. Kim, Andy [D-NJ-3]
This page covers HR1502 in the 117th Congress. Bill numbers start over every Congress, so HR1502 in another Congress is a different bill.
| Item | Detail |
|---|---|
| Roll-call votes | 1 |
| Chamber | House |
| Latest vote | 2021-04-15: Passed |
| Latest action | 2021-04-19: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. |
| Policy area | Commerce |
| Official record | Congress.gov |
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.
Subjects: 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
Every recorded vote on this bill, newest first, with a link to the official tally. Member-by-member positions are on each member’s profile.
| Date | Chamber | Question | Result | Yea | Nay | Not voting | Record |
|---|---|---|---|---|---|---|---|
| 2021-04-15 | House | 2/3 Yea-And-Nay | Passed | 273 | 9 | 7 | Official tally |
HR1502 (Microloan Improvement Act of 2021) was introduced in the 117th Congress (2021–2023) by Rep. Kim, Andy [D-NJ-3].
On 2021-04-19: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
1 recorded vote in the 117th Congress. The most recent, on 2021-04-15, was "2/3 Yea-And-Nay": Passed.