Microloan Transparency and Accountability Act of 2023

United States118th CongressHR-449House of Representatives
Updated: Jan 26, 2023

Summary

Microloan Transparency and Accountability Act of 2023 This bill modifies reporting requirements related to the Small Business Administration's (SBA) disbursement of certain financial assistance. Specifically, 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

  1. Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H303)

  2. On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H303)

    House of Representatives

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

    House of Representatives

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

    Senate