Microloan Transparency and Accountability Act of 2020
USA116th CongressHR-6078| House
| Updated: 9/15/2020
Tim Burchett
Republican Representative
Tennessee
Cosponsors (1)
Small Business Committee, Small Business and Entrepreneurship Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Microloan Transparency and Accountability Act of 2020 This bill modifies provisions related to the Small Business Administration's (SBA) disbursement of certain financial assistance. Specifically, the bill establishes a 5% technical assistance grant for certain intermediaries, including intermediaries who make 25% of their loans to rural small businesses. Further, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.
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Timeline
Introduced in House
Referred to the House Committee on Small Business.
Ordered to be Reported by Voice Vote.
Committee Consideration and Mark-up Session Held.
Ms. Velazquez moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H4347-4348)
DEBATE - The House proceeded with forty minutes of debate on H.R. 6078.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4347)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Commerce
Administrative remediesCongressional oversightGovernment information and archivesGovernment lending and loan guaranteesGovernment studies and investigationsRural conditions and developmentSmall Business Administration
Microloan Transparency and Accountability Act of 2020
USA116th CongressHR-6078| House
| Updated: 9/15/2020
Microloan Transparency and Accountability Act of 2020 This bill modifies provisions related to the Small Business Administration's (SBA) disbursement of certain financial assistance. Specifically, the bill establishes a 5% technical assistance grant for certain intermediaries, including intermediaries who make 25% of their loans to rural small businesses. Further, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Small Business.
Ordered to be Reported by Voice Vote.
Committee Consideration and Mark-up Session Held.
Ms. Velazquez moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H4347-4348)
DEBATE - The House proceeded with forty minutes of debate on H.R. 6078.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4347)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Tim Burchett
Republican Representative
Tennessee
Cosponsors (1)
Small Business Committee, Small Business and Entrepreneurship Committee
Commerce
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Administrative remediesCongressional oversightGovernment information and archivesGovernment lending and loan guaranteesGovernment studies and investigationsRural conditions and developmentSmall Business Administration