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Microloan Transparency and Accountability Act of 2020
To amend the Small Business Act to increase transparency and to enhance the use of microloans in rural areas, and for other purposes.
Microloan Transparency and Accountability Act of 2020 This bill modifies provisions related to the Small Business Administration's (SBA) disbursement of certain financial assistance. Specifically, the bill establishes a 5% technical assistance grant for intermediaries who make 25% of their loans to rural small businesses. Further, 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.
- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not votedIntroducedMarch 4th, 2020