H.R. 1502Microloan Improvement Act of 2021

1 recorded action229 of these members are on the 2026 ballotWhat the measure does Read on Congress.gov

Sponsor: Andy Kim [D-NJ-03]
Cosponsors: 8 · 6 Republicans · 2 Democrats
Policy area: Commerce
Committees: Small Business Committee, Small Business and Entrepreneurship Committee
Latest action: Apr 19, 2021 · Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

IntroducedMar 2, 2021
Passed the HouseApr 15, 2021
Passed the SenateNot yet reached
Sent to the PresidentNot yet reached
Became lawNot yet reached

What the measure doesCRS 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.

Written by the nonpartisan Congressional Research Service, describing H.R. 1502 as passed House on Apr 15, 2021. It is not the text of the measure; a later amendment may have changed what it does.

How every member votedHouse roll call 114

House Apr 15, 2021

On Motion to Suspend the Rules and Pass

Microloan Improvement Act

Passed · Two-thirds required

397 Yea 16 Nay 16 not voting

Crossed both parties 16 of 413 voting members broke with their own party: 16 Republicans.

Open the official roll call

How the chamber split

One dot per member. Select a seat or a bar to filter the list.

DemocratsRepublicansFilled: YeaRing: NayGrey: not voting or present

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All members429 members

Democratic217 members

Republican212 members

marks half of the votes cast. A party’s majority is the side most of its voting members took.

Cosponsors8 · 6 Republicans · 2 Democrats

Signing on is not a vote: a member can cosponsor H.R. 1502 and vote against it. 3 signed when it was filed.

Who lobbied on H.R. 15024 organizations

Organizations that named H.R. 1502 in a lobbying disclosure. Only those that cited the bill by number appear, so this is a floor, not a full list.

NATIONAL SMALL BUSINESS ASSOCIATIONIts PAC: National Small Business United PAC

Small Business9 filings · 4th Quarter (Oct 1 - Dec 31) 2022Filing

FRIENDS OF SBA MICROLOAN FUNDfiled by R A RAPOZA ASSOCIATES INC

Budget/Appropriations8 filings · 4th Quarter (Oct 1 - Dec 31) 2022Filing

AMERICAN FOREST & PAPER ASSOCIATIONIts PAC: American Forest & Paper Association PAC

Agriculture · Transportation · Taxation/Internal Revenue Code · Budget/Appropriations +8 more1 filing · 1st Quarter (Jan 1 - Mar 31) 2021Filing

CENTER FOR RESPONSIBLE LENDING A SUPPORTING CORP OF CTR FOR COMMUNITY SELF-HELPfiled by CENTER FOR RESPONSIBLE LENDING, A SUPPORTING CORP OF CTR FOR COMMUNITY SELF-HELP

Banking1 filing · 2nd Quarter (Apr 1 - June 30) 2021Filing

19 disclosures name this measure. Retrieved from LDA.gov on 2026-10-04. Senate Office of Public Records cannot vouch for the data or analyses derived from these data after the data have been retrieved from LDA.gov.