House Passes Bipartisan Small Business Bill Authored by Congressman Kim

House Passes Bipartisan Small Business
Bill Authored by Congressman Kim

WASHINGTON, DC – Today, the U.S. House of Representatives unanimously passed the Microloan Improvement Act, a bipartisan bill co-authored by Congressman Andy Kim (NJ-03) and Congressman Tim Burchett (TN-02) that aims to cut red tape and help small businesses access the capital needed to get them through the current economic crisis and grow.

"The coronavirus crisis has hit our small businesses hard, and they can use all the help they can get," said Congressman Kim. "I'm proud to work with Congressman Burchett to get this bill through the House and hope the Senate takes immediate action to help our entrepreneurs and get people back to work."

The bill, part of Kim and Burchett's "Microloan, Major Impact" package that also includes the Microloan Transparency and Accountability Act, would increase the number of nonprofit, community-based lenders eligible for the lowest interest rate on loans from the SBA and allow these lenders to offer lines of credit to small businesses, while extending the maximum repayment term for loans. This would help cut through bureaucratic red tape identified as restricting lending to small businesses looking to grow and create jobs.

"As a former local mayor, I know the difference that easy access to loans – even small ones – can make for our American mom-and-pop shops," said Congressman Burchett. "Every small business deserves fair access to Small Business Administration resources and the Microloan Transparency and Accountability Act is strong, bipartisan legislation that improves rural access to the SBA Microloan Program. I'm proud to work with Representative Kim on this bill and thank him for his efforts to get it across the finish line."

Congressman Kim, a recipient of the U.S. Chamber of Commerce "Spirit of Enterprise" Award, serves as the Chairman of the Subcommittee on Economic Growth, Tax and Capital Access on the House Small Business Committee. During his first term, Congressman Kim introduced the bipartisan Access Business Credit (ABC) Act and Patriotic Employer Protection Act. The Congressman also introduced the Small Business Regulatory Relief Act which would help small business owners cut through regulatory red tape.

Congressman Kim has also been a leader in ensuring small businesses get the help they need during the Coronavirus Crisis. The Congressman has ensured that small business owners' concerns are heard through his April telephone town hall focused on their issues. He has been an outspoken proponent of transparency and accountability through the Paycheck Protection Program (PPP) and other federal efforts, helping to introduce the Protecting the Paycheck Protection Program Act and H.R. 7093, which requires the Small Business Administration to make public which businesses receive PPP assistance.

Congressman Kim is a member of the bipartisan House Select Committee on the Coronavirus Crisis, where he serves as one of twelve members of the House tasked with conducting oversight over programs aimed at ending the Coronavirus pandemic and helping address the economic impact it's having on the American people. More information about Congressman Kim can be found on his website by clicking here.