# 116-hr-6079: Microloan Improvement Act of 2020

116-hr-6079, Microloan Improvement Act of 2020, is a 116th Congress bill sponsored by Sen. Kim, Andy [D-NJ] (D-NJ); status Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/116-hr-6079
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 116-hr-6079
- Congress: 116
- Title: Microloan Improvement Act of 2020
- Status: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
- Introduced: 2020-03-04
- Sponsor: Sen. Kim, Andy [D-NJ] (D-NJ)
- Cosponsors: 1
- Policy area: Commerce
- Touches household money: no
- Last recorded action: 2025-11-18

## 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.

## Cosponsors (1)

- Rep. Burchett, Tim [R-TN-2] (R-TN), 2020-03-04T00:00:00.000Z

## Related bills

- 116-hr-8662: Accelerating Access to Critical Therapies for ALS Act
- 116-hr-6829: EMPIL–DOC Act
- 116-hr-6078: Microloan Transparency and Accountability Act of 2020
- 116-hr-5605: United States-Israel PTSD Collaborative Research Act
- 116-hr-5534: Comprehensive Immunosuppressive Drug Coverage for Kidney Transplant Patients Act of 2020
- 116-hr-4104: Negro Leagues Baseball Centennial Commemorative Coin Act

## Sources
- [116-hr-6079 on Congress.gov](https://www.congress.gov/bill/116th-congress/house-bill/6079)

## Related
- [116-hr-8662: Accelerating Access to Critical Therapies for ALS Act](https://policyrisk.com/legislation/116-hr-8662)
- [116-hr-6829: EMPIL–DOC Act](https://policyrisk.com/legislation/116-hr-6829)
- [116-hr-6078: Microloan Transparency and Accountability Act of 2020](https://policyrisk.com/legislation/116-hr-6078)
- [116-hr-5605: United States-Israel PTSD Collaborative Research Act](https://policyrisk.com/legislation/116-hr-5605)
- [116-hr-5534: Comprehensive Immunosuppressive Drug Coverage for Kidney Transplant Patients Ac…](https://policyrisk.com/legislation/116-hr-5534)
- [116-hr-4104: Negro Leagues Baseball Centennial Commemorative Coin Act](https://policyrisk.com/legislation/116-hr-4104)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/116-hr-6079 (as of 2025-11-18).