S. 526Senate115th Congress (2017-2019)Passed Senate

Microloan Modernization Act of 2018

AI-Generated Summary

Updated April 15, 2026 at 1:40 PM UTC

The Microloan Modernization Act of 2018 updates the Small Business Act to help more lenders take part in the SBA’s microloan program. It raises the maximum amount an approved intermediary can lend from $5 million to $6 million and orders two studies—one by the SBA and one by the GAO—to examine why some eligible intermediaries stay out of the program and how oversight and compliance could be improved. The changes aim to expand access to microloans for small businesses and reduce participation costs for lenders.

Key Provisions

Increases the lending limit for SBA‑approved microloan intermediaries from $5 million to $6 million.
Requires the SBA, within one year, to study a sample of participating and non‑participating intermediaries, identify reasons for non‑participation, and recommend ways to boost participation and lower costs.
Mandates the GAO, within one year, to evaluate SBA oversight of the microloan program and the processes used to ensure intermediary compliance and overall program performance.

Legislative Activity

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11 earlier actions

SenateCommittee Latest Action

By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-452.

Small Business and Entrepreneurship Committee

December 20, 2018

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SenateIntro Referral

Introduced in Senate

March 2, 2017

SenateIntro Referral

Read twice and referred to the Committee on Small Business and Entrepreneurship.

Small Business and Entrepreneurship Committee

March 2, 2017

SenateCommittee

Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.

Small Business and Entrepreneurship Committee

March 14, 2018

SenateCommittee

Committee on Small Business and Entrepreneurship. Reported by Senator Risch with an amendment in the nature of a substitute. Without written report.

Small Business and Entrepreneurship Committee

March 19, 2018

SenateCalendars

Placed on Senate Legislative Calendar under General Orders. Calendar No. 346.

March 19, 2018

SenateFloor

Measure laid before Senate by unanimous consent. (consideration: CR S5072-5073)

July 18, 2018

SenateFloor

The committee substitute as amended agreed to by Unanimous Consent.

July 18, 2018

SenateFloor

Passed Senate with an amendment by Voice Vote. (text: CR S5073)

July 18, 2018

HouseFloor

Received in the House.

July 19, 2018 • 11:58 AM

SenateFloor

Message on Senate action sent to the House.

July 19, 2018

HouseFloor

Held at the desk.

July 19, 2018 • 3:54 PM

SenateCommittee

By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-452.

Small Business and Entrepreneurship Committee

December 20, 2018

Amendments

1 amendment

Offered to this bill

S.Amdt. 3397Jul 18, 2018

To strike section 4.

Amendment SA 3397 agreed to in Senate by Unanimous Consent. · Sponsored by James E. Risch

Floor Debate

2 members

What members said about S. 526 on the floor

2 Republicans

Sen. James LankfordR-OK · Mar 14, 2018

Mr. President, I have 12 requests for committees to meet during today's session of the Senate. They have the approval of the Majority and Minority leaders. Pursuant to rule XXVI, paragraph 5(a), of…

Mr. President, I have 12 requests for committees to meet during today's session of the Senate. They have the approval of the Majority and Minority leaders.

Pursuant to rule XXVI, paragraph 5(a), of the Standing Rules of the Senate, the following committees are authorized to meet during today's session of the Senate:

Committee on Armed Services

The Committee on Armed Services is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 9:30 a.m. to conduct a hearing.

The Committee on Commerce, Science, and Transportation

The Committee on Commerce, Science, and Transportation is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a hearing entitled, ``Rebuilding Infrastructure in America: Investing in Next Generation Broadband.''

Committee on Environment and Public Works

The Committee on Environment and Public Works is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a hearing entitled, ``The Agriculture Creates Real Employment (ACRE) Act.''

The Committee on Health, Education, Labor, and Pensions

The Committee on Health, Education, Labor, and Pensions is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 4:05 p.m. to conduct a hearing on the following nominations: John F. Ring, of the District of Columbia, to be a Member of the National Labor Relations Board, Frank T. Brogan, of Pennsylvania, to be Assistant Secretary for Elementary and Secondary Education, and Mark Schneider, of the District of Columbia, to be Director of the Institute of Education Science, both of the Department of Education, Marco M. Rajkovich, Jr., of Kentucky, to be a Member of the Federal Mine Safety and Health Review Commission, and other pending nominations.

Committee on Indian Affairs

The Committee on Indian Affairs is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 2:30 p.m to conduct a hearing entitled, ``Opioids in Indian Country: Beyond the Crisis to Healing the Community.''

Committee on the Judiciary

The Committee on the Judiciary is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 9:30 a.m., to conduct a hearing entitled ``See Something, Say Something, Oversight of the Parkland Shooting and Legislative Proposals to Improve School Safety.''

Committee on Small Business and Entrepreneurship

The Committee on Small Business and Entrepreneurship is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, after the first vote to conduct a hearing on S. 526, to amend the Small Business Act to provide for expanded participation in the microloan program, S. 791, to amend the Small Business Act to expand intellectual property education and training for small businesses, S. 1538, to amend the Small Business Act to establish awareness of, and technical assistance for, the creation of employee stock ownership plans, S. 1961, to amend the Small Business Act to temporarily reauthorize certain pilot programs under the Small Business Innovation Research Program and the Small Business Technology Transfer Program, S. 1995, to amend the Small Business Investment Act of 1958 to improve the number of small business investment companies in underlicensed States, S. 2283, to amend the Small Business Act to strengthen the Office of Credit Risk Management within the Small Business Administration, S. 2419, to amend the Small Business Act to improve the technical and business assistance services under the SBIR and STTR programs, S. 2527, to amend the Small Business Investment Act of 1958 to increase the amount of leverage made available to small business investment companies, and the nominations of David Christian Tryon, of Ohio, to be Chief Counsel for Advocacy, and Hannibal Ware, of the Virgin Islands, to be Inspector General, both of the Small Business Administration.

Committee on Veterans' Affairs

The Committee on Veterans' Affairs is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a joint hearing.

Joint Select Committee on Solvency of Multiemployer Pension Plans

The Joint Select Committee on Solvency of Multiemployer Pension Plans is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a hearing.

Subcommittee on Strategic Force

The Subcommittee on Strategic Force of the Committee on Armed Services is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 2:30 p.m. to conduct a hearing.

Subcommittee on Africa and Global Health Policy

The Subcommittee on Africa and Global Health Policy of the Committee on Foreign Relations is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 10 a.m. to conduct a hearing entitled, ``Somalia's Current Security and Stability Status.''

Subcommittee on Multilateral International Development, Multilateral

Institutions, and International Economic, Energy and Environmental

Policy

The Subcommittee on Multilateral International Development, Multilateral Institutions, and International Economic, Energy and Environmental Policy of the Committee on Foreign Relations is authorized to meet during the session of the Senate on Wednesday, March 14, 2018, at 2:30 p.m. to conduct a hearing entitled, ``Why Food Security Matters.''

Sen. Mike RoundsR-SD · Jul 18, 2018

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of Calendar No. 346, S. 526. Mr. President, I ask unanimous consent that the committee-reported…

Bill Text

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Engrossed in SenateIssued July 18, 2018

115th CONGRESS

2d Session

S. 526

AN ACT

To amend the Small Business Act to provide for expanded participation in the microloan program, and for other purposes.

Short title

This Act may be cited as the Microloan Modernization Act of 2018.

Definitions

In this Act—

(1)

the term intermediary has the meaning given the term in section 7(m)(11) of the Small Business Act (15 U.S.C. 636(m)(11)); and

(2)

the term microloan program means the program established under section 7(m) of the Small Business Act (15 U.S.C. 636(m)).

Microloan intermediary lending limit increased

Section 7(m)(3)(C) of the Small Business Act (15 U.S.C. 636(m)(3)(C)) is amended by striking $5,000,000 and inserting $6,000,000.

SBA study of microenterprise participation

Not later than 1 year after the date of enactment of this Act, the Administrator of the Small Business Administration shall conduct a study and submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report on—

(1)

the operations (including services provided, structure, size, and area of operation) of a representative sample of—

(A)

intermediaries that are eligible to participate in the microloan program and that do participate; and

(B)

intermediaries (including those operated for profit, operated not for profit, and those affiliated with a United States institution of higher learning) that are eligible to participate in the microloan program and that do not participate;

(2)

the reasons why intermediaries described in paragraph (1)(B) choose not to participate in the microloan program;

(3)

recommendations on how to encourage increased participation in the microloan program by intermediaries described in paragraph (1)(B); and

(4)

recommendations on how to decrease the costs associated with participation in the microloan program for eligible intermediaries.

GAO study on microloan intermediary practices

Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report evaluating—

(1)

oversight of the microloan program by the Small Business Administration, including oversight of intermediaries participating in the microloan program; and

(2)

the specific processes used by the Small Business Administration to ensure—

(A)

compliance by intermediaries participating in the microloan program; and

(B)

the overall performance of the microloan program.

Passed the Senate July 18, 2018.

Secretary