1. Short title
This Act may be cited as the “Microbusiness Improvement and Coronavirus Recovery Opportunities for Business Success Act of 2020” or the “MICRO Business Success Act”.
Microbusiness Improvement and Coronavirus Recovery Opportunities for Business Success Act of 2020
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.
2. Support for small business concerns with 10 or fewer employees
Paycheck Protection Program funding allotment— With respect to unobligated amounts for the cost of guaranteed loans as authorized under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) that are available on the date of the enactment of this Act, the Small Business Administrator shall reserve not less than $20,000,000,000 of such amounts, or if the total of such amounts is less than $20,000,000,000, such total, for the cost of guaranteed loans made under such section to recipients with 10 or fewer employees.
in paragraph (3)(C), by striking “and $6,000,000” and inserting “and $10,000,000”; and
in paragraph (4), by striking subparagraph (E).
Development company economic development objective— Section 501(d)(3) of the Small Business Investment Act of 1958 (15 U.S.C. 695(d)(3)) is amended—
in subparagraph (K), by striking the “or” at the end;
in subparagraph (L), by striking the period at the end and inserting “, or”; and
by adding at the end the following new subparagraph:
“(M) expansion of small business concerns with 10 or fewer employees.”
Small Business Development Center assistance— Section 21(c)(3) of the Small Business Act (15 U.S.C. 648(c)(3)) is amended—
in subparagraph (T), by striking “and” at the end;
in first subparagraph (U), by striking the period at the end and inserting a semicolon;
by redesignating the second subparagraph (U) as subparagraph (V);
in subparagraph (V), as so redesignated, by striking the period at the end and inserting “; and”; and
by adding the following new subparagraph:
“(W) assisting small business concerns with 10 or fewer employees by, in addition to the foregoing, providing—
“(i) information on, and assistance with, obtaining financing;
“(ii) information on financial record keeping;
“(iii) business management advice on topics including daily operations and staffing; and
“(iv) technical assistance.”