H.R. 1487 · 117th Congress
Microloan Transparency and Accountability Act of 2021
- Stage
- Passed a chamber
- Sponsor
- Tim Burchett
- Introduced
- 2021-03-02
- Latest action
- 2021-04-19 · Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Summary
Microloan Transparency and Accountability Act of 2021
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.