S. 996 · 116th Congress
Microloan Program Enhancement Act of 2019
- Stage
- In committee
- Sponsor
- Tammy Duckworth
- Introduced
- 2019-04-02
- Latest action
- 2020-06-03 · Committee on Small Business and Entrepreneurship. Hearings held.
Summary
Microloan Program Enhancement Act of 2019
This bill expands access to financing through the Microloan Program of the Small Business Administration (SBA).
Specifically, the bill eliminates a restriction that prevents the SBA from distributing more than 1/55th of its funding in any state during the first half of the year. The bill also raises the cap on the total amount that may be committed to an intermediary to provide loans under the program. Lastly, the bill sets program levels for technical assistance grants and direct loans through FY2022.