,,ii  #aaith ,,congress  #b;d ,session  
,s4 #decd  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #ad1      
#bjbf,ms4 ,cortez ,masto 7for herself   
and ,ms4 ,alsobrooks7 introduced the    
following bill2 which was read twice and
 referred to the ,committee on ,small   
,business and ,entrepreneurship  ,a     
,,bill  ,to amend the ,small ,business  
,act to establish a direct loan program 
for microbusinesses at the ,small       
,business ,administration1 and for other
 purposes4  #a4 ,short title ,this ,act 
may be cited as the ,microbusiness      
,support ,act4  #b4 ,direct loan program
 for microbusinesses ,section #g7;a7 of 
the ,small ,business ,act 7#ae ,u4,s4,c4
 #fcf7;a77 is amended by adding at the  
end the following3  7#ch7 ,microbusiness
 loan program  7,a7 ,definition  7i7 ,in
 general ,in this paragraph1 the term   
microbusiness means an independently    
owned and operated for-profit business  
entity that-- 7,i7 employs not more than
 #aj full-time employees1 determined on 

a full-time equivalent basis2 and       
7,,ii7 has annual revenue of not more   
than the lesser of-- 7aa7 #e1jjj1jjj2 or
  7bb7 the size standard in dollars1 if 
any1 for the ,north ,american ,industry 
,classification ,system code assigned to
 the business entity for the business   
entity to qualify as a small business   
concern4  7ii7 ,full-time ,for purposes 
of clause 7i71 the term full-time means 
that an individual-- 7,i7 is employed   
for consideration for not less than #ce 
hours each week2 or  7,,ii7 renders any 
other standard of service generally     
accepted by custom or specified by      
contract as full-time employment4  7iii7
 ,verification ,the ,administrator may  
request from a business entity such     
documentation as may be necessary to    
establish that the business entity      
qualifies as a microbusiness under this 
subparagraph4  7,b7 ,authority ,the     
,administrator is authorized to         
originate and disburse direct loans1    
including through partnerships with     

third parties1 to microbusinesses under 
this subsection4  7,c7 ,maximum amount  
,the maximum amount of a loan made under
 this paragraph to a microbusiness is   
#ajj1jjj4  7,d7 ,fees ,with respect to  
each loan made under this paragraph1 the
 ,administrator1 an authorized third    
party1 or an agent may-- 7i7 impose1    
collect1 retain1 and utilize fees1 which
 may be charged to the borrower1 to     
cover any costs associated with         
referring applications or originating1  
making1 underwriting1 disbursing1       
closing1 servicing1 or liquidating the  
loan1 including any direct lending agent
 costs1 other program or contract costs1
 or other agent administrative expenses2
  7ii7 impose1 collect1 retain1 and     
utilize fees 7including unused fees and 
draw fees71 which may be charged to the 
borrower on loans for revolving lines of
 credit2 and  7iii7 pay third parties1  
including direct lending agents and     
financial institutions1 with which the  
,administration partners for assistance 

in referring applicants or promoting1   
originating1 making1 underwriting1      
disbursing1 closing1 servicing1 or      
liquidating loans in accordance with    
this paragraph on behalf of the         
,administration4  7,e7 ,terms  7i7 ,in  
general ,not later than #ij days after  
the date of enactment of this paragraph1
 the ,administrator shall issue interim 
final rules and revise any relevant     
rules to establish the terms and        
conditions for a direct loan made under 
this paragraph1 including with respect  
to repayment1 underwriting criteria1    
interest rate1 maturity1 and other      
terms4  7ii7 ,interest rate ,the        
interest rate for a loan made under this
 paragraph shall be in accordance with  
paragraph 7#d77;,a71 except #f percent  
per annum shall be substituted for #a   
percent per annum4  4