Microloan Transparency and Accountability Act of 2021
This bill modifies reporting requirements related to the Small Business Administration's (SBA) disbursement of certain financial assistance.
Specifically, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.
Microloan Transparency and Accountability Act of 2021
This bill modifies reporting requirements related to the Small Business Administration's (SBA) disbursement of certain financial assistance.
Specifically, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.
(consideration: CR H1834)
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 409 - 4 (Roll no. 115).(text: 04/14/2021 CR H1767)
(2/3 required): 409 - 4 (Roll no. 115). (text: 04/14/2021 CR H1767)
Craig moved to suspend the rules and pass the bill.
(consideration: CR H1767-1769)
Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.