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H.R. 2056: Microloan Modernization Act of 2017

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H.R. 2056: Microloan Modernization Act of 2017

115th Congress · introduced 2017-04-06 · Commerce · Latest: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2017-04-06 · official record
  2. Who proposed it: Rep. Murphy, Stephanie N. [D-FL-7] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. Not final yet: this can still change. We check for updates every day.
  5. 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 Modernization Act of 2017

Plain summary

(This measure has not been amended since it was reported to the House on July 12, 2017. The summary of that version is repeated here.) Microloan Modernization Act of 2017 (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) SBA-designated microloan intermediary lenders may expend up to 50% (currently, 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 (Passed House amended), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Microloan Modernization Act of 2017

Source: Congressional Research Service summary (Passed House amended)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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

Officials and money

Sponsor: Rep. Murphy, Stephanie N. [D-FL-7] · 11 cosponsors

Cost estimate: CBO cost estimate: H.R. 2056, Microloan Modernization Act of 2017 (2017-06-28)

Cosponsors on this site

Nydia M. Velázquez (D-NY), Seth Moulton (D-MA), Don Bacon (R-NE), Yvette D. Clarke (D-NY), Gregory W. Meeks (D-NY), Andy Harris (R-MD), Darren Soto (D-FL), Mark Takano (D-CA)

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 (1)
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).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong115-hr2056 · catalog fed-us-congress-bills-cong115 · updated 2026-11-15 by psicol fed-bills-cong115