United States 118th Congress Status: In Committee 1 R cosponsors

S 2996 — Rural Microentrepreneur Assistance Act of 2023

Last action — Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Rural Microentrepreneur Assistance Act of 2023This bill reauthorizes through FY2028 and revises the Rural Microentrepreneur Assistance Program (RMAP). This Department of Agriculture program provides loans to eligible microenterprise development organizations to capitalize revolving loan funds that provide loans to qualified rural microenterprises. The bill increases the amount a rural microenterprise may borrow to up to $75,000 (from up to $50,000).The bill also increases the maximum allowable federal cost share to 100% (from 75%). The bill further specifies that a RMAP project loan may not be used to cover more than 50% of any demolition, construction, or related costs of real estate improvements.

Bill Text

How this bill changes current law

4 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill increases the maximum microloan amount and modifies other funding provisions for the Rural Microentrepreneur Assistance Program.

  • 7 U.S.C. 2008s(a)(4)

    $50,000 → $75,000

    This change increases the maximum allowable microloan amount for rural microenterprises from $50,000 to $75,000.

  • 7 U.S.C. 2008s(b)(3)

    (E) Use of funds.--A microloan made by a microenterprise development organization to a microentrepreneur under this paragraph for a project may be used to cover not more than 50 percent of any demolition, construction, or related costs of real estate improvements under the project.

    This addition allows microloans to cover up to 50 percent of certain costs associated with real estate improvements.

  • 7 U.S.C. 2008s(c)(1)(A)

    75 percent → 100 percent

    This change raises the federal share of project costs from 75 percent to 100 percent.

  • 7 U.S.C. 2008s(d)

    2019 through 2023 → 2024 through 2028

    This change extends the funding authorization period for the Rural Microentrepreneur Assistance Program from 2023 to 2028.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

labor agriculture
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Frequently asked questions

What does S 2996 do?
Rural Microentrepreneur Assistance Act of 2023This bill reauthorizes through FY2028 and revises the Rural Microentrepreneur Assistance Program (RMAP). This Department of Agriculture program provides loans to eligible microenterprise development organizations to capitalize revolving loan funds that provide loans to qualified rural microenterprises. The bill increases the amount a rural microenterprise may borrow to up to $75,000 (from up to $50,000).The bill also increases the maximum allowable federal cost share to 100% (from 75%). The bill further specifies that a RMAP project loan may not be used to cover more than 50% of any demolition, construction, or related costs of real estate improvements.
Who sponsors S 2996?
S 2996 is sponsored by Ricketts, Pete (Republican).
What is the current status of S 2996?
This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 2996?
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