PSI Sci
New here? Follow the money and the votes · Not sure of your district? Find your U.S. House member · Find your state legislators

H.R. 1502: Microloan Improvement Act of 2021

Before you vote › Federal bills

H.R. 1502: Microloan Improvement Act of 2021

117th Congress · introduced 2021-03-02 · 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 2021-03-02 · official record
  2. Who proposed it: Rep. Kim, Andy [D-NJ-3] · what a sponsor is
  3. What happened next: 1 recorded vote in our records. Latest: House roll call 114 (2021): On Motion to Suspend the Rules and Pass, HR1502 (2021-04-15), Passed. See all
  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 Improvement Act of 2021

Plain summary

Microloan Improvement Act of 2021 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 authorizes an intermediary to offer a line of credit to a small business, and it 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. 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. Further, the SBA must (1) 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, (2) establish a process for an intermediary to provide the major credit reporting agencies with information about a borrower that is relevant to credit reporting, and (3) include information regarding equitable distribution of loan funds in its annual report.

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 2021

Source: Congressional Research Service summary (Passed House)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

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

Officials and money

Sponsor: Rep. Kim, Andy [D-NJ-3] · 8 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Andrew R. Garbarino (R-NY), Tim Burchett (R-TN), Brian K. Fitzpatrick (R-PA), Claudia Tenney (R-NY), Steve Cohen (D-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.

Recorded votes

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-cong117-hr1502 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117