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117th Congress > House > Vote 113

Date: April 15, 2021

Result: 397-16 (Passed)

Clerk session vote number: 114

Sponsor: KIM, Andy (D-NJ)

Bill number: HR1502

Question: On Motion to Suspend the Rules and Pass

Description: Microloan Improvement Act

Bill 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.

Bill titles: 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.

Links for more info on the vote: congress.gov

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Member Vote Map

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Vote Ideological Breakdown

This chart describes how members voted on the rollcall. Members are placed according to their NOMINATE ideological scores. A cutting line divides the vote into those expected to vote "Yea" and those expected to vote "Nay". The shaded heatmap reflects the expected probability of voting "Yea". You can select points or regions to subset the members listed above and below.

Votes

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