HR2056: Microloan Modernization Act of 2017

By | December 6, 2017
Seal of the United States Small Business Administration (SBA)

Seal of the United States Small Business Administration (SBA).

Repeals the “25/75” rule of the SBA Microloan Program which permits SBA-designated microloan intermediary lenders to expend up to 25% of the funds they receive from the SBA to provide information and technical assistance to small business concerns that are their prospective borrowers.

Official Summary

Passed House
2017-07-24
Passed Senate
Signed by President
Became Public Law

Amendments

Amended in committee.

Sponsors

Original sponsor: Rep. Murphy, Stephanie N. [D-FL-7]

Cosponsors: Rep. Velazquez, Nydia M. [D-NY-7], Rep. Moulton, Seth [D-MA-6], Rep. Bacon, Don [R-NE-2], Rep. Clarke, Yvette D. [D-NY-9], Rep. Meeks, Gregory W. [D-NY-5], Rep. Kind, Ron [D-WI-3], Rep. Harris, Andy [R-MD-1], Rep. Gonzalez-Colon, Jenniffer [R-PR-At Large], Rep. Kilmer, Derek [D-WA-6], Rep. Soto, Darren [D-FL-9], Rep. Takano, Mark [D-CA-41]

Votes

Passed House by voice vote.

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