A bill to amend the Small Business Act to provide for expanded participation in the microloan program, and for other purposes.
Microloan Modernization Act of 2017
This bill amends the Small Business Act to repeal the "25/75" rule under the Small Business Administration (SBA) Microloan Program (assisting low-income individuals to start and operate a small business) that permits SBA-designated microloan intermediary lenders to expend up to 25% of the intensive marketing, management, and technical assistance grant funds they receive from the SBA to provide information and technical assistance to small business concerns that are their prospective borrowers.
The total amount of loans outstanding and committed to any particular intermediary (excluding outstanding grants) from the SBA business loan and investment fund shall be increased from $5 million to $6 million for the remaining years of the intermediary's participation in the program.
The SBA shall:
The Government Accountability Office shall evaluate:
Read twice and referred to the Committee on Finance.
Referred to the Subcommittee on Health.
Referred to the House Committee on Small Business.
Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, Financial Services, Oversight and Government Reform, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.
Committee on Small Business and Entrepreneurship. Reported by Senator Risch with an amendment in the nature of a substitute. Without written report.
Committee on Small Business and Entrepreneurship. Reported by Senator Risch with an amendment in the nature of a substitute. Without written report.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 346.
Measure laid before Senate by unanimous consent. (consideration: CR S5072-5073)
The committee substitute as amended agreed to by Unanimous Consent.
Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.(text: CR S5073)
Passed Senate with an amendment by Voice Vote. (text: CR S5073)
Received in the House.
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Became Public Law No: 115-232.
Read twice and referred to the Committee on Finance.
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Message on Senate action sent to the House.
Held at the desk.
By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-452.
By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-452.