Microbusiness Support Act
Sen. Cortez Masto Introduces Microbusiness Support Act to Offer $100,000 Loans to Smallest Firms
The Microbusiness Support Act is currently in the early stages of the legislative process. It was recently sent to the Senate Committee on Small Business and Entrepreneurship for review. The bill is actively moving as it waits for the committee to discuss its contents.
Legislative Progress
Most bills like this struggle to pass without a large group of supporters from both parties and it is currently stuck in the beginning stages of the Senate.
Key Points
Impact Analysis
Personal Impact
Some gig workers who have formalized their work into small for-profit businesses with fewer than 10 employees could potentially qualify for these loans. The program targets independently owned businesses with limited revenue, which could overlap with some gig economy entrepreneurs. However, many gig workers operate as independent contractors rather than formal business entities, so the overlap is limited.
“the term `microbusiness' means an independently owned and operated for-profit business entity that-- ``(I) employs not more than 10 full-time employees, determined on a full-time equivalent basis”
Milestones
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Microbusiness Support Act
Data Sources
Sponsor
Cosponsors
(1)Analysis generated by AI. Always verify with official sources.