H.R. 6078: Microloan Transparency and Accountability Act of 2020

116th Congress · introduced 2020-03-04 · 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

Where it came from: introduced 2020-03-04 · official record
Who proposed it: Rep. Burchett, Tim [R-TN-2] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
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.
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 Transparency and Accountability Act of 2020

Plain summary

Microloan Transparency and Accountability Act of 2020 This bill modifies provisions related to the Small Business Administration's (SBA) disbursement of certain financial assistance. Specifically, the bill establishes a 5% technical assistance grant for certain intermediaries, including intermediaries who make 25% of their loans to rural small businesses. Further, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.

Congressional Research Service summary (Passed House), 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 Transparency and Accountability Act of 2020

Source: Congressional Research Service summary (Passed House)

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The strongest published arguments

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

Officials and money

Sponsor: Rep. Burchett, Tim [R-TN-2] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Andy Kim (D-NJ)

Sponsor's campaign money: Rep. Burchett, Tim [R-TN-2] reported raising $3.1 million (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 (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

Congressional Research Service summary (Passed House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-116hr6078.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/hr>

Record fed-us-cong116-hr6078 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116