504 Modernization and Small Manufacturer Enhancement Act of 2021
- Last Action
- 4/19/2021
Actions
- 2021-04-19Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
- 2021-04-15Motion to reconsider laid on the table Agreed to without objection.
- 2021-04-15On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 400 - 16 (Roll no. 116). (text: 04/14/2021 CR H1769-1770)
- 2021-04-15Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 400 - 16 (Roll no. 116).(text: 04/14/2021 CR H1769-1770)
- 2021-04-15Considered as unfinished business. (consideration: CR H1834-1835)
- 2021-04-14At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
- 2021-04-14DEBATE - The House proceeded with forty minutes of debate on H.R. 1490.
- 2021-04-14Considered under suspension of the rules. (consideration: CR H1769-1772)
- 2021-04-14Ms. Davids (KS) moved to suspend the rules and pass the bill.
- 2021-03-02Referred to the House Committee on Small Business.
- 2021-03-02Introduced in House
- 2021-03-02Introduced in House
CRS Summary
As of 2021-04-15 (53)
504 Modernization and Small Manufacturer Enhancement Act of 2021
This bill modifies the Small Business Administration (SBA) 504 Loan Program, which provides a small business with SBA financing—through a certified development company (CDC) intermediary—for expansion or modernization.
Specifically, the bill adds policy goals, at least one of which a CDC must demonstrate to be eligible for assistance. These include (1) enhancing the ability of a small business to reduce costs by using energy efficient products and generating renewable energy, and (2) aiding the revitalization of any area for which a disaster has been declared or determined. The bill also authorizes a CDC to take specified actions to facilitate the closing of a 504 loan, such as correcting borrower or lender information on loan documents or reallocating up to 10% of the cost of a project.
For small manufacturers, the bill (1) increases the maximum loan amount from $5.5 million to $6.5 million, (2) reduces the amount that they must contribute to project costs, (3) increases job retention requirements, and (4) revises collateral requirements and debt refinancing considerations. Further, each SBA district office must partner with a resource partner to provide certain training for small manufacturers.
Cosponsors (8)
- Young Kim (R-CA)
- Sharice Davids (D-KS)
- STEVE CHABOT (R-OH)
- Van Taylor (R-TX)
- Brian Fitzpatrick (R-PA)
- Marie Newman (D-IL)
- Claudia Tenney (R-NY)
- Steve Cohen (D-TN)
Subjects
- Administrative remedies
- Bank accounts, deposits, capital
- Business records
- Congressional oversight
- Debt collection
- Economic development
- Employment and training programs
- Energy efficiency and conservation
- Financial services and investments
- Government lending and loan guarantees
- Lease and rental services
- Manufacturing
- Minority and disadvantaged businesses
- Performance measurement
- Small Business Administration
- Small business
- User charges and fees
- Vocational and technical education
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.