Microloan Program Enhancement Act of 2019

Senate Bill 996 - Microloan Program Enhancement Act of 2019: Overview, Status, and Impact

Hozzl · 2022-11-01T19:02:24Z

Explore the details of Senate Bill 996 Microloan Program Enhancement Act of 2019 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

11/1/2022, 7:02 PM

Congressional Summary of S 996

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.

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Current Status of Bill S 996

Bill S 996 is currently in the status of Bill Introduced since April 2, 2019. Bill S 996 was introduced during Congress 116 and was introduced to the Senate on April 2, 2019. Bill S 996's most recent activity was Committee on Small Business and Entrepreneurship. Hearings held. as of June 3, 2020