MICRO Business Success Act

Microbusiness Improvement and Coronavirus Recovery Opportunities for Business Success Act of 2020 or the MICRO Business Success Act

This bill provides designated Small Business Administration (SBA) assistance for small businesses with 10 or fewer employees.

Specifically, out of the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), the bill allots $20 billion of remaining program funds for small businesses with 10 or fewer employees.

Additionally, the bill raises the aggregate amount for SBA loans to such small businesses from $6 million to $10 million. The bill adds the expansion of such small businesses to the list of economic development objectives from which a small business development company must demonstrate at least one in order to qualify for SBA assistance. It also requires a participating small business development company to provide specified assistance to such small businesses.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7740 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7740

  To prioritize support for small business concerns with 10 or fewer 
 employees by setting aside funds and increasing access to funding and 
               other assistance, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 23, 2020

  Mr. Chabot introduced the following bill; which was referred to the 
                      Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
  To prioritize support for small business concerns with 10 or fewer 
 employees by setting aside funds and increasing access to funding and 
               other assistance, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Microbusiness Improvement and 
Coronavirus Recovery Opportunities for Business Success Act of 2020'' 
or the ``MICRO Business Success Act''.

SEC. 2. SUPPORT FOR SMALL BUSINESS CONCERNS WITH 10 OR FEWER EMPLOYEES.

    (a) Paycheck Protection Program Funding Allotment.--With respect to 
unobligated amounts for the cost of guaranteed loans as authorized 
under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) 
that are available on the date of the enactment of this Act, the Small 
Business Administrator shall reserve not less than $20,000,000,000 of 
such amounts, or if the total of such amounts is less than 
$20,000,000,000, such total, for the cost of guaranteed loans made 
under such section to recipients with 10 or fewer employees.
    (b) Microloan Program Loans.--Section 7(m) of the Small Business 
Act (15 U.S.C. 636(m)) is amended--
            (1) in paragraph (3)(C), by striking ``and $6,000,000'' and 
        inserting ``and $10,000,000''; and
            (2) in paragraph (4), by striking subparagraph (E).
    (c) Development Company Economic Development Objective.--Section 
501(d)(3) of the Small Business Investment Act of 1958 (15 U.S.C. 
695(d)(3)) is amended--
            (1) in subparagraph (K), by striking the ``or'' at the end;
            (2) in subparagraph (L), by striking the period at the end 
        and inserting ``, or''; and
            (3) by adding at the end the following new subparagraph:
                    ``(M) expansion of small business concerns with 10 
                or fewer employees.''.
    (d) Small Business Development Center Assistance.--Section 21(c)(3) 
of the Small Business Act (15 U.S.C. 648(c)(3)) is amended--
            (1) in subparagraph (T), by striking ``and'' at the end;
            (2) in first subparagraph (U), by striking the period at 
        the end and inserting a semicolon;
            (3) by redesignating the second subparagraph (U) as 
        subparagraph (V);
            (4) in subparagraph (V), as so redesignated, by striking 
        the period at the end and inserting ``; and''; and
            (5) by adding the following new subparagraph:
                    ``(W) assisting small business concerns with 10 or 
                fewer employees by, in addition to the foregoing, 
                providing--
                            ``(i) information on, and assistance with, 
                        obtaining financing;
                            ``(ii) information on financial record 
                        keeping;
                            ``(iii) business management advice on 
                        topics including daily operations and staffing; 
                        and
                            ``(iv) technical assistance.''.
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