Microbusiness Support Act

This bill would create a direct loan program at the Small Business Administration (SBA) for microbusinesses. A microbusiness is defined as an independently owned for-profit business with no more than 10 full-time employees and annual revenue of no more than $5,000,000 or its industry's small business size standard, whichever is lower. The SBA could make loans of up to $100,000, either directly or through partnerships with third parties, and could charge borrowers fees to cover loan costs. The SBA would have to issue rules setting loan terms within 90 days, and the interest rate would be set using an existing formula with a 6 percent cap in place of 1 percent.

Full text and official record on Congress.gov

Sponsors

• Catherine Cortez Masto Democrat sponsor
• 1 cosponsors