Small Business Committee Passes Four Bipartisan Bills
WASHINGTON – Today, the House Committee on Small Business held a markup of legislation to strengthen several initiatives administered through the Small Business Act. All four bills passed through Committee by voice vote.
“Our work here in our Committee continues to be of critical importance. Just yesterday, we held an exceptional hearing where we discussed, in depth, the effects the coronavirus has on our small businesses. And as each of us know here in this Committee: as the small business economy goes, so goes our national economy,” said Ranking Member Steve Chabot (R-OH). “I support each of these measures and thank each of our Members, both Republican and Democrat alike, for their leadership and work on these bills.”
H.R. 6079, the “Microloan Improvement Act of 2020” – introduced by Rep. Andy Kim (D-NJ) and Rep. Tim Burchett (R-TN)
H.R. 6079 updates and modernizes several outdated provisions of the Microloan Program such as the 1/55th rule, while adding key flexibility requirements.
H.R. 6078, the “Microloan Transparency and Accountability Act of 2020” – introduced by Rep. Tim Burchett (R-TN) and Rep. Andy Kim (D-NJ)
H.R. 6078 enhances Microloans for rural areas and requires the Small Business Administration (SBA) to conduct an annual portfolio risk analysis to ensure the growing Microloan Program is protecting and safeguarding taxpayer dollars.
H.R. 6133, the “STEP Improvement Act of 2020” – introduced by Rep. Abby Finkenauer (D-IA) and Rep. Ross Spano (R-FL)
H.R. 6133 reauthorizes the SBA State Trade Expansion Program (STEP) for 4 fiscal years, provides greater flexibility to state trade agencies, and enhances accountability at the SBA.
H.R. 6021, the “Northern Mariana Islands Small Business Development Act” – introduced by Rep. Gregorio Sablan (D-MP) and Rep. Amata Radewagen (R-AS)
H.R. 6021 amends the Small Business Act to allow for the Commonwealth of the Northern Mariana Islands to establish a lead Small Business Development Center and expands eligibility for other SBA programs.