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SBA RIN: 3245-AH83 Publication ID: Fall 2022 
Title: Changes to the Microloan Program Under the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act 

Section 7(m) of the Small Business Act, (15 U.S.C. 636(m)) and 13 CFR 120, subpart G, set forth the legal authority and framework for the Microloan Program. Section 329 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Pub. L. 116-260), enacted December 27, 2020, amended the Small Business Act to: (1) add the definition of Economically Distressed Area; (2) add the definition of Rural Area; (3) increase the total amount an Intermediary may borrow under the Microloan Program per year to $3,000,000, and in aggregate to $7,000,000; (4) increase the maximum term of a microloan to seven years; (5) expand eligibility for Intermediaries to receive a bonus grant to Intermediaries that provide not less than 25 percent of their Microloans to small businesses located in or owned by one or more residents of an economically distressed area and to Intermediaries with a Microloan Portfolio of which at least 25 percent is serving rural areas; and (6) provide a new minimum grant amount of 25 percent of an Intermediary’s total outstanding SBA loan balance (subject to appropriation) and increase the maximum grant amount to 30 percent of an Intermediary’s total outstanding SBA loan balance. SBA will amend sections 120.701, 120.706, 120.707, and 120.712 of its regulations to incorporate these changes.

Agency: Small Business Administration(SBA)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 13 CFR 120, subpart G     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: Pub. L. 116-260   
Legal Deadline:  None
Action Date FR Cite
Direct Final Rule  03/00/2023 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Daniel Upham
Chief, Microenterprise Development Division
Small Business Administration
409 Third Street SW,
Washington, DC 20416
Phone:202 205-7001
Fax:202 481-6564