Microloan Transparency and Accountability Act of 2020
Summary
Official Summary
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.
Bill texts
All available records shown.
Timeline
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4347)
House of Representatives
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
House of Representatives
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Senate