117th Congress > House > Vote 115

Date: April 15, 2021

Result: 400-16 (Passed)

Clerk session vote number: 116

Sponsor: CRAIG, Angela (D-MN)

Bill number: HR1490

Question: On Motion to Suspend the Rules and Pass

Description: 504 Modernization and Small Manufacturer Enhancement Act

Bill summary: 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.

Bill titles: To amend the Small Business Investment Act of 1958 to improve the loan guaranty program, enhance the ability of small manufacturers to access affordable capital, and for other purposes.

Links for more info on the vote: congress.gov

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