S.Amdt. 1685

SA 1685. Ms. DUCKWORTH submitted an amendment intended to be proposed
by her to the bill S. 4049, to authorize appropriations for fiscal year
2021 for military activities of the Department of Defense, for military
construction, and for defense activities of the Department of Energy,
to prescribe military personnel strengths for such fiscal year, and for
other purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. MICROLOAN PROGRAM.

(a) In General.--Section 7(m) of the Small Business Act (15
U.S.C. 636(m)) is amended--
(1) in paragraph (4)(C)(i)(II)--
(A) by striking ``has a portfolio'' and inserting ``has--
``(aa) a portfolio'';
(B) in item (aa), by striking the period at the end and
inserting ``; or''; and
(C) by adding at the end the following:
``(bb) a portfolio of loans made under this subsection of
which not less than 25 percent is serving rural areas during
the period of the intermediary's participation in the
program.'';
(2) in paragraph (6), by adding at the end the following:
``(F) Loan duration.--
``(i) In general.--With respect to a loan made by an
eligible intermediary under this paragraph on or after the
date of enactment of this subparagraph, the duration of the
loan shall be not more than 8 years.
``(ii) Existing borrowers.--With respect to a loan made by
an eligible intermediary under this paragraph to a borrower
before the date of enactment of this subparagraph, the
duration of the loan may be extended to not more than 8
years.''; and
(3) by striking paragraph (7) and inserting the following:
``(7) Program funding for microloans.--Under the program
authorized by this subsection, the Administration may fund,
on a competitive basis, not more than 300 intermediaries.''.
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