MICRO Business Success Act

I 116TH CONGRESS 2D SESSION H. R. 7740 To prioritize support for small business concerns with 10 or fewer employees by setting aside funds and increasing access to funding and other assist- ance, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JULY 23, 2020 Mr. CHABOT introduced the following bill; which was referred to the Committee on Small Business A BILL To prioritize support for small business concerns with 10 or fewer employees by setting aside funds and increasing access to funding and other assistance, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Microbusiness Im- 4 provement and Coronavirus Recovery Opportunities for 5 Business Success Act of 2020’’ or the ‘‘MICRO Business 6 Success Act’’. 7 VerDate Sep 11 2014 19:33 Aug 14, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H7740.IH H7740 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 7740 IH SEC. 2. SUPPORT FOR SMALL BUSINESS CONCERNS WITH 1 10 OR FEWER EMPLOYEES. 2 (a) PAYCHECK PROTECTION PROGRAM FUNDING AL- 3 LOTMENT.—With respect to unobligated amounts for the 4 cost of guaranteed loans as authorized under section 5 7(a)(36) of the Small Business Act (15 U.S.C. 6 636(a)(36)) that are available on the date of the enact- 7 ment of this Act, the Small Business Administrator shall 8 reserve not less than $20,000,000,000 of such amounts, 9 or if the total of such amounts is less than 10 $20,000,000,000, such total, for the cost of guaranteed 11 loans made under such section to recipients with 10 or 12 fewer employees. 13 (b) MICROLOAN PROGRAM LOANS.—Section 7(m) of 14 the Small Business Act (15 U.S.C. 636(m)) is amended— 15 (1) in paragraph (3)(C), by striking ‘‘and 16 $6,000,000’’ and inserting ‘‘and $10,000,000’’; and 17 (2) in paragraph (4), by striking subparagraph 18 (E). 19 (c) DEVELOPMENT COMPANY ECONOMIC DEVELOP- 20 MENT OBJECTIVE.—Section 501(d)(3) of the Small Busi- 21 ness Investment Act of 1958 (15 U.S.C. 695(d)(3)) is 22 amended— 23 (1) in subparagraph (K), by striking the ‘‘or’’ 24 at the end; 25 VerDate Sep 11 2014 19:33 Aug 14, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7740.IH H7740 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 7740 IH (2) in subparagraph (L), by striking the period 1 at the end and inserting ‘‘, or’’; and 2 (3) by adding at the end the following new sub- 3 paragraph: 4 ‘‘(M) expansion of small business concerns 5 with 10 or fewer employees.’’. 6 (d) SMALL BUSINESS DEVELOPMENT CENTER AS- 7 SISTANCE.—Section 21(c)(3) of the Small Business Act 8 (15 U.S.C. 648(c)(3)) is amended— 9 (1) in subparagraph (T), by striking ‘‘and’’ at 10 the end; 11 (2) in first subparagraph (U), by striking the 12 period at the end and inserting a semicolon; 13 (3) by redesignating the second subparagraph 14 (U) as subparagraph (V); 15 (4) in subparagraph (V), as so redesignated, by 16 striking the period at the end and inserting ‘‘; and’’; 17 and 18 (5) by adding the following new subparagraph: 19 ‘‘(W) assisting small business concerns 20 with 10 or fewer employees by, in addition to 21 the foregoing, providing— 22 ‘‘(i) information on, and assistance 23 with, obtaining financing; 24 VerDate Sep 11 2014 19:33 Aug 14, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H7740.IH H7740 pamtmann on DSKBC07HB2PROD with BILLS 4 •HR 7740 IH ‘‘(ii) information on financial record 1 keeping; 2 ‘‘(iii) business management advice on 3 topics including daily operations and staff- 4 ing; and 5 ‘‘(iv) technical assistance.’’. 6 Æ VerDate Sep 11 2014 19:33 Aug 14, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H7740.IH H7740 pamtmann on DSKBC07HB2PROD with BILLS