1. Short title This Act may be cited as the Microloan Emergency Assistance Act of 2020 . 2. Recovery assistance for microbusinesses (a) Purpose The purpose of this section is to allow lenders to deploy more capital, give borrowers more time to repay, increase rural lending, and cut technical assistance red tape. (b) Loans to intermediaries (1) In general Section 7(m) of the Small Business Act ( 15 U.S.C. 636(m) ) is amended— (A) in paragraph (3)(C)— (i) by striking and $6,000,000 and inserting $10,000,000, in the aggregate, ; and (ii) by inserting before the period at the end the following: , and $4,500,000 in any of those remaining years ; (B) in paragraph (4)— (i) in subparagraph (A), by striking subparagraph (C) each place that term appears and inserting subparagraphs (C) and (G) ; (ii) in subparagraph (C), by amending clause (i) to read as follows: (i) In general In addition to grants made under subparagraph (A) or (G), each intermediary shall be eligible to receive a grant equal to 5 percent of the total outstanding balance of loans made to the intermediary under this subsection if— (I) the intermediary provides not less than 25 percent of its loans to small business concerns located in or owned by one or more residents of an economically distressed area; or (II) the intermediary has a portfolio of loans made under this subsection— (aa) that averages not more than $10,000 during the period of the intermediary's participation in the program; or (bb) of which not less than 25 percent is serving rural areas during the period of the intermediary’s participation in the program.