H.R. 6079: Microloan Improvement 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. Kim, Andy [D-NJ-3] · 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 Improvement Act of 2020

Plain summary

Microloan Improvement Act of 2020 This bill revises the microloan program through which the Small Business Administration (SBA) provides, through designated intermediaries, certain financial assistance to small businesses. Specifically, the bill raises the limit on the aggregate amount for loans the SBA makes to an intermediary participating in the microloan program. Further, the bill (1) authorizes an intermediary to offer a line of credit to a small business, (2) increases the average amount for loans from an intermediary to participating small businesses that makes the intermediary eligible for a reduced interest rate on SBA loans, and (3) makes certain intermediaries eligible to receive a 5% technical assistance grant. The bill also places limits on the repayment term for a microloan, and it prohibits the SBA from imposing any additional limitation on the term for repayment of a microloan. The SBA must reserve 15% of new loan funds that are made available for disbursement as microloans to designated underutilized states and make the remaining 85% available for any state.

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 Improvement Act of 2020

Source: Congressional Research Service summary (Passed House)

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

Officials and money

Sponsor: Rep. Kim, Andy [D-NJ-3] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Tim Burchett (R-TN)

Sponsor's campaign money: Rep. Kim, Andy [D-NJ-3] reported raising $1.9 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-116hr6079.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/hr>

Record fed-us-cong116-hr6079 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116