S. 2850: Microloan Program Modernization Act of 2016

114th Congress · introduced 2016-04-26 · Commerce · Latest: By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report. Report No. 114-301.

federal

Follow this bill, step by step

Where it came from: introduced 2016-04-26 · official record
Who proposed it: Sen. Fischer, Deb [R-NE] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report. Report No. 114-301. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Microloan Program Modernization Act of 2016

Plain summary

Microloan Program Modernization Act of 2016 (Sec. 3) This bill amends the Small Business Act, with respect to the Small Business Administration (SBA) Microloan Program (assisting low-income individuals to start and operate a small business), to increase from $5 million to $6 million the total amount of loans outstanding and committed to any particular intermediary (excluding outstanding grants) from the SBA business loan and investment fund for the remaining years of the intermediary's participation in the program. (Sec. 4) The Microloan Program "25/75" rule is repealed, which permits SBA-designated microloan intermediary lenders to expend up to 25% of the intensive marketing, management, and technical assistance grant funds they receive from the SBA to provide information and technical assistance to small business concerns that are their prospective borrowers. (Sec. 5) The SBA shall: compare the operations of a representative sample of eligible intermediaries that participate in the microloan program and of eligible intermediaries that do not, study the reasons why the latter do not participate, recommend how to encourage increased participation by intermediaries in the microloan program, and recommend how to decrease the associated costs for intermediary participation. (Sec. 6) The Government Accountability Office shall evaluate: SBA oversight of the microloan program, including oversight of participating intermediaries; and the specific processes the SBA uses to ensure program compliance by participating intermediaries and overall microloan program performance.

Congressional Research Service summary (Reported to Senate with amendment(s)), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

Microloan Program Modernization Act of 2016

Source: Congressional Research Service summary (Reported to Senate with amendment(s))

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Fischer, Deb [R-NE] · 5 cosponsors

Cost estimate: CBO cost estimate: S. 2850, Microloan Program Modernization Act of 2016 (2016-06-30)

Cosponsors on this site

Gary C. Peters (D-MI), Christopher A. Coons (D-DE), Jeanne Shaheen (D-NH), Tim Scott (R-SC)

Sponsor's campaign money: Sen. Fischer, Deb [R-NE] reported raising $976,129 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Reported to Senate with amendment(s))
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114s2850.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s2850 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114