Microbusiness Support Act

The Microbusiness Support Act creates a new direct loan program within the Small Business Administration to assist independently owned businesses with 10 or fewer full-time employees and annual revenues under $5 million. This legislation authorizes the agency to provide loans of up to $100,000 to eligible microbusinesses at an interest rate of 6 percent per annum, while also allowing the collection of fees to cover program costs. The bill requires the Administrator to establish specific terms for repayment and underwriting within 90 days of enactment and permits partnerships with third parties to help originate and service these loans.