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
Passed Senate
Signed by President
Became Public Law


Amended in committee.


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]


Passed House by voice vote.

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