WASHINGTON, D.C. – On Wednesday, the U.S. House of Representatives took up four bipartisan Small Business Committee bills on the suspension calendar. Each of the four bills were reintroductions of bills from last Congress and were passed yesterday evening and today with bipartisan support. Below is an overview of each bill.
H.R. 1502 - Microloan Improvement Act of 2021 - Cosponsored by Rep. Garbarino (R-NY) and Rep. Burchett (R-TN)
H.R. 1502builds on the strengths of the Microloan Program by introducing flexibility and more features for small dollar borrowers to utilize as they move through the Microloan lending process.
H.R. 1487 - Microloan Transparency and Accountability Act of 2021 -Introduced by Rep. Burchett (R-TN) and cosponsored by Rep. Fitzgerald (R-WI)
H.R 1487 requires the SBA to perform an annual portfolio risk analysis of the Microloan Program to examine defaults and charge off rates to ensure taxpayer money is safeguarded.
H.R. 1490 - 504 Modernization and Small Manufacturer Enhancement Act of 2021 - Cosponsored by Rep. Kim (R-CA) and Rep. Chabot (R-OH)
H.R. 1490 modernizes the 504/CDC (Certified Development Company) Loan Program and enhances how the program assists small manufacturers by increasing the loan amount and resource availability. The legislation also streamlines the complicated 504 Loan Program closing process for small businesses.
H.R. 1482 - 504 Credit Risk Management Improvement Act of 2021 - Introduced by Rep. Bishop (R-NC) and cosponsored by Rep. Kim (R-CA)
The 504 Credit Risk Management Improvement Act strengthens the oversight capabilities of the SBA as it pertains to the 504 Loan Program.