About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

LOG IN
LOG IN


S. Rept. 115-452 1 (2018-12-20)

handle is hein.congrecreports/crptxacdy0001 and id is 1 raw text is: AUT-ENTICATED U.S.GOVERNMENT INFORMATION 115TH CONGRESS REPORT 2d Session JSENATE 115-452 MICROLOAN MODERNIZATION ACT OF 2018 DECEMBER 20, 2018.-Ordered to be printed Mr. RISCH, from the Committee on Small Business and Entrepreneurship, submitted the following REPORT [To accompany S. 526] [Including cost estimate of the Congressional Budget Office] The Committee on Small Business and Entrepreneurship, to which was referred the bill (S. 526) to amend the Small Business Act to provide for expanded participation in the microloan program, and for other purposes, having considered the same, reports favor- ably thereon with an amendment in the nature of a substitute and recommends that the bill, as amended, do pass. I. INTRODUCTION The Microloan Modernization Act of 2018 (S. 526), was intro- duced by Senator Deb Fischer for herself, Senator Christopher A. Coons, Senator Tim Scott, and Senator Kirsten E. Gillibrand on March 2, 2017. The bill's cosponsors include Senator Jeanne Sha- heen, Senator Gary C. Peters, Senator Joe Donnelly, and Senator Tammy Duckworth. This bill, as introduced, increased the lending limit for microloan intermediaries from $5 million to $6 million, and repealed two rules regarding the use of technical assistance (TA) funding by microloan intermediaries. The 25/75 Rule, which limits inter- mediary lenders to using not more than 25 percent of their mar- keting, management, and technical assistance funds on prospective borrowers, and the third-party rule, which limits intermediaries to using not more than 25 percent of their TA funds to contract with third parties to provide TA they cannot provide directly. The bill also directs the Small Business Administration (SBA) and Gov- ernment Accountability Office (GAO) to issue reports to Congress on microenterprise participation in the program and microloan intermediary practices, respectively. 89-010