118 S2100 IS: 504 Loan Availability Act U.S. Senate 2023-06-21 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.

II118th CONGRESS1st SessionS. 2100IN THE SENATE OF THE UNITED STATESJune 21, 2023Mr. Coons (for himself and Mrs. Shaheen) introduced the following bill; which was read twice and referred to the Committee on Small Business and EntrepreneurshipA BILLTo amend the Small Business Investment Act of 1958 to modify fees and funding for certain small business refinancing loans and loans to qualified State or local development companies, and for other purposes.

1.

Short title

This Act may be cited as the 504 Loan Availability Act.

2.

Modifications to fees and funding for certain small business refinancing loans and loans to qualified State or local development companies

Title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et seq.) is amended—(1)in section 502(7)(C) (15 U.S.C. 696(7)(C))—(A)in clause (ii)—(i)in subclause (I), by adding and at the end;(ii)in subclause (II), by striking ; and and inserting a period; and(iii)by striking subclause (III); and(B)in clause (v), by striking a total of $7,500,000,000 of financing and inserting the total amount described in section 511 in financing; and(2)by adding at the end the following:

511.

Maximum funding level

The Administrator may provide not more than a total, in the aggregate, of $15,000,000,000 for each fiscal year of financing to guarantee loans under section 503 and loans authorized under section 502(7)(C).

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3.

Sunset

Effective on October 1, 2026, title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et seq.) is amended—(1)in section 502(7)(C) (15 U.S.C. 696(7)(C)), by striking clause (v); and(2)by striking section 511, as added by section 2 of this Act.