H.R. 1502 · 117th Congress

Microloan Improvement Act of 2021

Introduced on Mar 2, 2021 by Andy Kim (D-NJ-3). 8 cosponsors, 6 of them from another party. Latest action (Apr 19, 2021): Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

Stage
Passed one chamber
Introduced
Mar 2, 2021
Cosponsors
8
6 from the other party
Policy area
Commerce
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Progress

The furthest stage the measure reached. Simple and concurrent resolutions do not go to the President.

  1. Introduced
  2. Reported by committee
  3. Passed one chamber
  4. 4Passed both chambers
  5. 5Sent to the President
  6. 6Became law

Official title

To amend the Small Business Act to optimize the operations of the microloan program, lower costs for small business concerns and intermediary participants in the program, and for other purposes.

Subjects

  • Administrative law and regulatory procedures
  • Business records
  • Credit and credit markets
  • Government information and archives
  • Government lending and loan guarantees
  • Interest, dividends, interest rates
  • Small Business Administration
  • Small business

Summary

By the Congressional Research Service (Passed House, Apr 15, 2021). Public domain.

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.

Sponsor and cosponsors

Cosponsors by party as of the day they signed on. Original cosponsors signed on the day of introduction.

Andy KimD-NJ-3Sponsor

Democrats · 2

Republicans · 6

Roll calls

Recorded votes on the measure. Most measures move by voice vote or unanimous consent, which record no individual positions.

  1. On Motion to Suspend the Rules and Pass
    Apr 15, 2021· House· Passage· Passed 397–16

History

Every action as published, oldest first. Roll calls link to how each member voted.

  1. Mar 2, 2021Introduced in House
  2. Mar 2, 2021Introduced in House
  3. Mar 2, 2021 · HouseReferred to the House Committee on Small Business.
  4. Apr 14, 2021 · HouseMs. Craig moved to suspend the rules and pass the bill.
  5. Apr 14, 2021 · HouseConsidered under suspension of the rules. (consideration: CR H1765-1767)
  6. Apr 14, 2021 · HouseDEBATE - The House proceeded with forty minutes of debate on H.R. 1502.
  7. Apr 14, 2021 · HouseAt the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
  8. Apr 15, 2021 · HouseConsidered as unfinished business. (consideration: CR H1833)
  9. Apr 15, 2021Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 397 - 16 (Roll no. 114).(text: 04/14/2021 CR H1765)House · Roll call 114
  10. Apr 15, 2021 · HouseOn motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 397 - 16 (Roll no. 114). (text: 04/14/2021 CR H1765)House · Roll call 114
  11. Apr 15, 2021 · HouseMotion to reconsider laid on the table Agreed to without objection.
  12. Apr 19, 2021 · SenateReceived in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

Committees

Committees and subcommittees the measure was referred to.

Agencies in its committees' jurisdiction

Analisa's mapping of committee jurisdiction to federal agencies; the bill may touch others, or none of these.

Who lobbied on it

Organizations whose lobbying reports (LD-2) name this measure. Spending is what they reported for those quarters on all issues, not on this measure alone.

  1. FRIENDS OF SBA MICROLOAN FUND5 reports
    $92K reported (all issues)

Reports filed in 2023, 2024.

Sources and method

Every figure on this page traces to these records.

  • Bill status: bills and resolutions, sponsors, actions, subjects and CRS summaries (U.S. Government Publishing Office (GovInfo), from Congress.gov (Library of Congress))GovInfo Bill Status bulk data (Congress.gov; summaries by the Congressional Research Service) · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Members of Congress, their terms, committees and identifiers (The @unitedstates project (from the Biographical Directory of the U.S. Congress, the House and the Senate))unitedstates/congress-legislators: legislators, committees and current committee membership · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: CC0 1.0 (public domain dedication)
  • House roll-call votes (Office of the Clerk, U.S. House of Representatives)Office of the Clerk, U.S. House of Representatives, roll-call vote records · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Senate roll-call votes and DW-NOMINATE scores (Voteview (UCLA Department of Political Science))Lewis, Jeffrey B., Keith Poole, Howard Rosenthal, Adam Boche, Aaron Rudkin, and Luke Sonnet (2026). Voteview: Congressional Roll-Call Votes Database. https://voteview.com/ · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Free to use with the required citation
  • Lobbying disclosures (LD-1 registrations, LD-2 quarterly reports, LD-203 contribution reports) (Clerk of the U.S. House of Representatives)Clerk of the House, Lobbying Disclosure Act filings (organizations only; lobbyists' names are not loaded) · data current to Oct 5, 2026 · loaded Oct 5, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Positions are shown only where a roll call recorded them; voice votes and unanimous consent record none.
  • Money and votes are shown side by side; neither explains the other.