3.0.0 2231 2022-12-31T05:26:15Z 2022-12-31T05:26:15Z Senate S 2021-06-24 117 sssb00 Small Business and Entrepreneurship Committee Senate Standing Referred to 2021-06-24T17:34:27Z 504 Modernization and Small Manufacturer Enhancement Act of 2021 117 1490 HR 2021-04-19 Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. Identical bill CRS 2021-06-24 sssb00 Small Business and Entrepreneurship Committee Senate Read twice and referred to the Committee on Small Business and Entrepreneurship. IntroReferral 2021-06-24 Introduced in Senate IntroReferral 10000 9 Library of Congress K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN N Y000064 Sen. Young, Todd [R-IN] Todd Young R IN C. 2021-06-24 True B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2021-06-24 True R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2021-06-24 True Commerce Commerce 00 2021-06-24 Introduced in Senate 2021-08-02T15:39:37Z 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.

]]> 504 Modernization and Small Manufacturer Enhancement Act of 2021 Official Title as Introduced A bill 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. Introduced in Senate IS Display Title 504 Modernization and Small Manufacturer Enhancement Act of 2021 Short Title(s) as Introduced 504 Modernization and Small Manufacturer Enhancement Act of 2021 Introduced in Senate IS Introduced in Senate 2021-06-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s2231is/xml/BILLS-117s2231is.xml 2021-06-24 Read twice and referred to the Committee on Small Business and Entrepreneurship. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.