[Congressional Record Volume 167, Number 64 (Wednesday, April 14, 2021)]
[House]
[Pages H1769-H1772]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
504 MODERNIZATION AND SMALL MANUFACTURER ENHANCEMENT ACT OF 2021
Ms. DAVIDS of Kansas. Madam Speaker, I move to suspend the rules and
pass the bill (H.R. 1490) 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.
The Clerk read the title of the bill.
The text of the bill is as follows:
H.R. 1490
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``504 Modernization and Small
Manufacturer Enhancement Act of 2021''.
SEC. 2. ADDITIONS TO POLICY GOALS FOR THE DEVELOPMENT COMPANY
PROGRAM.
Section 501(d)(3) of the Small Business Investment Act of
1958 (15 U.S.C. 695(d)(3)) is amended--
(1) by redesignating subparagraphs (A) through (L) as
subparagraphs (B) through (M), respectively;
(2) by inserting before subparagraph (B) (as so
redesignated) the following:
``(A) workforce development through work-based or work-
integrated training, which shall be satisfied by
demonstrating that a small business concern that is a subject
of the project has--
``(i) a documented in-house training program, the duration
of which is not shorter than 12 weeks; or
``(ii) entered into a contract with an entity--
``(I) to provide trained applicants for any open position
of employment at the small business concern; and
``(II) that ensures that any applicant provided to the
small business concern under subclause (I) has undergone not
fewer than 12 weeks of training that is relevant to the open
position described in that subclause,'';
(3) by amending subparagraph (D) (as so redesignated) to
read as follows:
``(D) expansion of minority-owned, employee-owned, or
women-owned business development,'';
(4) in subparagraph (L) (as so redesignated), by striking
``producers, or'' and inserting ``producers,'';
(5) in subparagraph (M) (as so redesignated), by striking
the period at the end and inserting a comma;
(6) by inserting after subparagraph (M) the following new
subparagraphs:
``(N) enhanced ability for small business concerns to
reduce costs by using energy efficient products and
generating renewable energy,
``(O) aid revitalizing of any area for which a disaster has
been declared or determined under subparagraph (A), (B), (C),
or (E) of section 7(b)(2) of the Small Business Act, or
``(P) expansion of small business concerns with 10 or fewer
employees.''; and
(7) in the flush text following subparagraph (P), as added
by paragraph (6), by striking ``subparagraphs (J) and (K)''
and inserting ``subparagraphs (K) and (L)''.
SEC. 3. INCREASE IN LOAN AMOUNTS FOR MANUFACTURING LOANS.
Section 502 of the Small Business Investment Act of 1958
(15 U.S.C. 696) is amended--
(1) in the matter preceding paragraph (1), by striking
``The Administration'' and inserting the following:
``(a) In General.--The Administration''; and
(2) in subsection (a), as so designated--
(A) in paragraph (2)(A)--
(i) in the matter preceding clause (i), by striking
``section'' and inserting ``subsection''; and
(ii) in clause (iii), by striking ``$5,500,000'' and
inserting ``$6,500,000''; and
(B) in paragraph (3)(A), by striking ``this section'' and
inserting ``this subsection''.
SEC. 4. IMPROVEMENTS TO 504 LOAN CLOSING PROCEDURE.
Title V of the Small Business Investment Act of 1958 (15
U.S.C. 695 et seq.) is amended--
(1) in section 502, as amended by section 3, by adding at
the end the following new subsections:
``(b) Closing.--
``(1) Authority of certain development companies.--An
accredited lender certified company may take any of the
following actions to facilitate the closing of a loan made
under subsection (a):
``(A) Reallocate the cost of the project with respect to
which the loan is made in an amount that is not more than 10
percent of the overall cost of the project.
``(B) Correct any name that is applicable to the loan,
including the name of any borrower, guarantor, eligible
passive company described in subparagraph (C)(i), and
operating company described in subparagraph (C)(ii).
``(C) Form any of the following to receive proceeds of the
loan:
``(i) An eligible passive company that complies with
section 120.111 of title 13, Code of Federal Regulations, or
any successor regulation.
``(ii) If an eligible passive company is formed under
clause (i), an operating company with respect to that
eligible passive company.
``(D) Correct the address of any property with respect to
which the loan is made.
``(E) Correct the name of any interim lender or third-party
lender.
``(F) Change any third-party lender or interim lender if
that lender is a financial institution that is regulated by
the Federal Government or a State government.
``(G) Make a guarantor a co-borrower or a co-borrower a
guarantor.
``(H) Add a guarantor that does not change ownership with
respect to the loan.
``(I) Reduce the amount of standby debt before the closing
as a result of regularly scheduled payments.
``(J) Reduce the cost of the project with respect to which
the loan is made.
``(2) Fees.--The Administrator shall--
``(A) issue a rule regarding the amount of a closing fee
that may be financed in a debenture that is issued by a
certified development company to make one or more loans to
small business concerns, the proceeds of which are used by
that concern for the purposes described in subsection (a),
except that such amount shall be not less than $3,500; and
``(B) periodically update the rule issued under
subparagraph (A).
``(3) No adverse change and financial statement.--Before
the closing with respect to a loan made under subsection (a),
the borrower and any operating company shall--
``(A) make the certification required under section 120.892
of title 13, Code of Federal Regulations, or any successor
regulation; and
``(B) submit to the certified development company a
financial statement that is not more than 180 days old, which
the company shall certify not later than 120 days before the
date on which the certified development company issues a
debenture with respect to the project to which the loan
relates.
``(c) Accredited Lender Certified Company Defined.--In this
section, the term `accredited lender certified company' means
a certified development company that meets the requirements
under section 507(b), including a certified development
company that the Administration has designated as an
accredited lender under such section 507(b).''; and
(2) by adding at the end the following new section:
``SEC. 511. CLOSING AND OVERSIGHT.
``(a) SBA District Counsels.--Beginning on the date of
enactment of this section, with respect to the program
established under this title, district counsels of the
Administration shall be subject to the same requirements, and
shall have the same authority and responsibilities, as in
effect with respect to that program on the day before the
date of enactment of this section, except that--
``(1) the Office of Credit Risk Management of the
Administration shall have the responsibility for all duties
relating to conducting file reviews of loans made under this
title; and
``(2) district counsels of the Administration shall not
have any responsibility relating to the review of closing
packages with respect to a loan made under this title.
``(b) Designated Attorneys.--For the purposes of this
title, the following provisions and requirements shall apply
with respect to a designated attorney of a certified
development company:
``(1) A designated attorney that meets the requirements
determined under paragraph (2) shall be responsible for
certifying documents relating to the closing of a loan
described in this title.
``(2) The Administrator may determine any continuing
education requirements that the designated attorney shall be
required to satisfy in order to be permitted to close a loan
made under this title.
``(3) If, as of the date of enactment of this section, a
certified development company does not have a designated
attorney, during the 270-day period beginning on that date of
enactment, the certified development company may identify
such an attorney, subject to the approval of the
Administrator.''.
SEC. 5. CERTIFIED DEVELOPMENT COMPANY LOANS FOR SMALL
MANUFACTURERS.
(a) Contribution Requirement.--Section 502(a)(3)(C) of the
Small Business Investment Act of 1958, as designated by
section 3, is amended--
(1) by redesignating clauses (i), (ii), (iii), and (iv) as
subclauses (I), (II), (III), and (IV), respectively, and
adjusting the margins of such subclauses accordingly;
(2) by inserting before subclause (I), as so redesignated,
the following:
``(i) for a small business concern that is not a small
manufacturer (as defined in section 501(e)(7))--'';
(3) in subclause (III), as so redesignated, by striking
``clauses (i) and (ii)'' and inserting ``subclauses (I) and
(II)'';
(4) in subclause (IV) as so redesignated, by striking the
period and the end and inserting ``; or''; and
(5) by adding at the end the following:
``(ii) for a small manufacturer (as defined in section
501(e)(7))--
``(I) at least 5 percent of the total cost of the project
financed, if the small business concern has been in operation
for a period of 2 years or less;
``(II) at least 5 percent of the total cost of the project
financed, if the project involves a limited or single purpose
building or structure;
``(III) at least 10 percent of the total cost of the
project financed if the project involves
[[Page H1770]]
both of the conditions set forth in subclauses (I) and (II);
or
``(IV) at least 5 percent of the total cost of the project
financed, in all other circumstances, at the discretion of
the development company.''.
(b) Creation or Retention of Jobs Requirement.--Section
501(e) of the Small Business Investment Act of 1958 (15
U.S.C. 695(e)) is amended--
(1) in paragraph (1), by striking ``creates or retains''
and all that follows through the period at the end and
inserting ``creates or retains 1 job for every $75,000
guaranteed by the Administration, except that the amount is
$150,000 in the case of a project of a small manufacturer.'';
(2) in paragraph (2), by striking ``creates or retains''
and all that follows through the period at the end and
inserting ``creates or retains 1 job for every $75,000
guaranteed by the Administration, except that the amount is
$150,000 in the case of a project of a small manufacturer.'';
(3) by redesignating paragraph (6) as paragraph (7); and
(4) by inserting after paragraph (5) the following:
``(6) For a loan for a project directed toward the creation
of job opportunities under subsection (d)(1), the
Administrator shall publish on the website of the
Administration the number of jobs created or retained under
the project as of the date that is 2 years after the
completion (as determined based on information provided by
the development company) of the project.''.
(c) Collateral Requirements.--Section 502(a)(3)(E)(i) of
the Small Business Investment Act of 1958, as designated by
section 3, is amended by adding at the end the following:
``Additional collateral shall not be required in the case of
a small manufacturer (as defined in section 501(e)(7)).''.
(d) Debt Refinancing.--Section 502(a)(7)(B) of the Small
Business Investment Act of 1958, as designated by section 3,
is amended--
(1) in the matter preceding clause (i) by inserting ``(or
in the case of a small manufacturer (as defined in section
501(e)(7)), that does not exceed 100 percent of the project
cost of the expansion)'' after ``cost of the expansion'';
(2) in clause (v), by adding ``and'' at the end;
(3) by striking clause (vi); and
(4) by redesignating clause (vii) as clause (vi).
(e) Amount of Guaranteed Debenture.--Section 503(a) of the
Small Business Investment Act of 1958 (15 U.S.C. 697(a)) is
amended by adding at the end the following:
``(5) Any debenture issued by a State or local development
company to a small manufacturer (as defined in section
501(e)(7)) with respect to which a guarantee is made under
this subsection shall be in an amount equal to not more than
50 percent of the cost of the project with respect to which
such debenture is issued, without regard to whether good
cause has been shown.''.
SEC. 6. ASSISTANCE FOR SMALL MANUFACTURERS.
Title V of the Small Business Investment Act of 1958 (15
U.S.C. 695 et seq.), as amended by section 4(2), is further
amended by adding at the end the following new section:
``SEC. 512. ASSISTANCE FOR SMALL MANUFACTURERS.
``(a) In General.--The Administrator shall ensure that each
district office of the Administration partners with not less
than 1 resource partner to provide training to small business
concerns assigned a North American Industry Classification
System code for manufacturing on obtaining assistance under
the program carried out under this title, including with
respect to the application process under that program and
partnering with development companies under this title.
``(b) Resource Partner Defined.--In this section, the term
`resource partner' means--
``(1) a small business development center (defined in
section 3 of the Small Business Act);
``(2) a women's business center (described under section 29
of such Act);
``(3) a chapter of the Service Corps of Retired Executives
(established under section 8(b)(1)(B) of such Act); and
``(4) a Veteran Business Outreach Center (described under
section 32 of such Act).''.
SEC. 7. LEASING RULES FOR NEW FACILITIES AND EXISTING
BUILDINGS.
(a) In General.--Section 502(a) of the Small Business
Investment Act of 1958, as designated by section 3, is
amended by striking paragraphs (4) and (5) and inserting the
following new paragraphs:
``(4) New facilities.--
``(A) In general.--With respect to a project to construct a
new facility, an assisted small business concern may
permanently lease not more than 20 percent of the project if
such concern--
``(i) permanently occupies and uses not less than 60
percent of the project;
``(ii) plans to occupy and use an additional portion of the
project that is not permanently leased not later than 3 years
after receipt of assistance under this section; and
``(iii) plans to permanently occupy and use 80 percent of
the project not later than 10 years after receipt of such
assistance.
``(B) Small manufacturers.--With respect to an assisted
small business concern that is a small manufacturer (as
defined in section 501(e)(6)), subparagraph (A)(i) shall
apply with `50 percent' substituted for `60 percent'.
``(5) Existing buildings.--With respect to a project to
acquire, renovate, or reconstruct an existing building, the
following shall apply:
``(A) Occupancy requirements.--The assisted small business
concern may permanently lease not more than 50 percent of the
project if the concern permanently occupies and uses not less
than 50 percent of the project.
``(B) Exception.--The assisted small business concern may
permanently lease more than 50 percent of the project if--
``(i) such concern--
``(I) has occupied and used the existing building for a
consecutive 12-month period before submitting an application
for assistance under this section;
``(II) agrees to permanently use less than 50 percent of
the existing building and permanently lease more than 50
percent for a consecutive 12-month period after receiving
such assistance; and
``(III) affirms that the existing building is appropriate
for current and reasonably anticipated needs; and
``(ii) the development company assisting such project--
``(I) provides written notice to the Administrator on the
date on which the development company closes the loan for
such project; and
``(II) once each year during the first 5 years of the loan,
and once every 2 years for the remainder of the loan--
``(aa) conducts an examination of the assisted small
business concern to ensure the concern is not a real estate
development business; and
``(bb) files with the Administrator an anti-investor
certification signed by the development company and the
assisted small business concern.
``(C) Lease term.--Any residential lease made under this
paragraph shall be for a term of not more than 1 year, and
any commercial lease made under this paragraph shall be for a
term of not more than 5 years.''.
(b) Report.--Not later than 5 years after the date of the
enactment of this Act, the Administrator of the Small
Business Administration shall submit to Congress a report
analyzing the impact of the amendments made by this section
on access to capital for small business concerns (as defined
under section 3 of the Small Business Act (15 U.S.C. 632)),
and recommending whether similar notice, examination, and
certifications requirements should be made to the program
established under section 7(a) of the Small Business Act (15
U.S.C. 636(a)).
The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from
Kansas (Ms. Davids) and the gentleman from Missouri (Mr. Luetkemeyer)
each will control 20 minutes.
The Chair recognizes the gentlewoman from Kansas.
General Leave
Ms. DAVIDS of Kansas. Madam Speaker, I ask unanimous consent that all
Members may have 5 legislative days in which to revise and extend their
remarks and include extraneous material on the measure under
consideration.
The SPEAKER pro tempore. Is there objection to the request of the
gentlewoman from Kansas?
There was no objection.
Ms. DAVIDS of Kansas. Madam Speaker, I yield myself such time as I
may consume.
Madam Speaker, I rise in support of the bill before us today, H.R.
1490, the 504 Modernization and Small Manufacturer Enhancement Act of
2021.
504 loans are an important SBA capital access product, allowing small
businesses to affordably purchase machinery and equipment, acquire real
estate, or take on other fixed asset costs.
The loan has a three-party structure where an SBA-backed 504 lender
provides 40 percent of the financing, a third-party lender provides 50
percent of the financing, and a small business borrower provides 10
percent. This unique structure has helped thousands of entrepreneurs
expand their businesses and hire more employees, especially businesses
with significant fixed costs.
Last Congress, the Committee on Small Business's Subcommittee on
Oversight, Investigations, and Regulations held a hearing to review the
current status of the 504 loan program. We heard from a panel of 504
lenders who reported concerns with the loan closing process,
specifically that closing delays have caused loans to fall through and
businesses to lose out on affordable financing.
To that end, Ms. Craig put forth a strong proposal to streamline the
504 loan closing process and make compliance easier for CDCs,
borrowers, and third-party lenders, who are essential to the 504 loan
structure.
Two of the provisions of that bill, which passed unanimously through
our committee and the House, were also included in the Economic Aid Act
that was enacted in December.
[[Page H1771]]
The version of the bill before us today is identical to the version
we passed last Congress, but for those provisions included in the
Economic Aid Act.
The changes under consideration today continue to address the issues
we have heard in our engagement with 504 lenders and their borrowers in
our districts, and I am pleased we are taking a vote on them today.
{time} 1445
These include increasing the maximum loan size for small
manufacturers from $5.5 million to $6.5 million and easing the job
retention or creation requirement for them, which helps make 504 loans
easier to access.
We should be doing everything that we can to make navigating and
utilizing this program as simple as possible. As a member of the Small
Business Committee, I am committed to helping our small businesses and
manufacturers weather this current crisis and to helping Main Street
come back even stronger.
It is why I fought to secure $10 billion for the Defense Production
Act in the American Rescue Plan Act to ramp up domestic production of
PPE and other critical supplies. It is also why I introduced the
SUPPLIES Act, which would promote the manufacturing of PPE and medical
supplies by small businesses here in the U.S. I am proud to be a
cosponsor of the bill to help small businesses and manufacturers so
they can help us.
I want to thank the gentlewoman from Minnesota and the gentlewoman
from California for their hard work, and I applaud their efforts to
make bipartisan improvements to this valuable program.
I recommend a ``yes'' vote to all my colleagues in the House.
Madam Speaker, I reserve the balance of my time.
Mr. LUETKEMEYER. Madam Speaker, I yield myself such time as I may
consume.
Madam Speaker, I rise in support of H.R. 1490, the 504 Modernization
and Small Manufacturer Enhancement Act of 2021.
When capital options are limited for a small business, the SBA offers
numerous lending programs, including the 504/Certified Development
Company Loan Program. Also known as a 504/CDC loan, the program
provides long-term and fixed-rate financing that primarily supports
purchases of real estate and machinery.
Due to the program's unique cost structure that includes a small
business, a lender, and a certified development company, the process is
often lengthy and cumbersome. H.R. 1490 takes important steps to
streamline the closing process and ensures the Nation's job creators
move through the program in a smooth and efficient manner.
Additionally, H.R. 1490 enhances the 504/CDC loan program for
America's small manufacturers. By increasing the maximum loan amount
for small manufacturers, H.R. 1490 ensures these small businesses have
the capital to expand and create jobs in Missouri and beyond.
Enhancements to lending resources and tools, such as those outlined
in H.R. 1490, is exactly what our small businesses, entrepreneurs, and
startups need.
I want to highlight the work of Ms. Craig from Minnesota, Mrs. Kim
from California, Mr. Chabot from Ohio, and Ms. Davids from Kansas on
this important matter. I would also like to thank the chairwoman for
her efforts as well.
The changes in H.R. 1490 will improve delivery of the 504/CDC loan
program for all of America's small businesses. I urge all my colleagues
to support H.R. 1490.
Madam Speaker, I reserve the balance of my time.
Ms. DAVIDS of Kansas. Madam Speaker, I yield such time as she may
consume to the gentlewoman from Minnesota (Ms. Craig).
Ms. CRAIG. Madam Speaker, for over a year now, small businesses in my
district and across the country have struggled to make it through this
public health and economic crisis. As a result of this pandemic,
prospective small business owners face a steeper climb than ever
before.
We must do more to make it easy to start, operate, and expand a small
business in our communities. One of the most important ways that we can
do this is by ensuring that the Small Business Administration's loan
programs are operating as effectively and efficiently as possible.
Today, we have two bills that would do exactly that, including my
bipartisan bill, the 504 Modernization and Small Manufacturer
Enhancement Act. These crucial bipartisan pieces of legislation will
not only increase the amount of capital available to manufacturers, but
will actually ease the process of getting a loan because, in the midst
of a severe economic crisis, our businessowners simply cannot be bogged
down in red tape and legalese.
Taken together, these bills will help to promote the economic
development of small manufacturers, creating good paying jobs in
growing industries all across this country.
To demonstrate just how impactful these loans can be, I want to tell
you about Nate Bry, a lifelong resident of Rosemount, Minnesota.
Thirteen years ago, Nate founded a sports apparel company called Custom
Apparel Inc. in the basement of his home. After years of hard work,
Nate felt that it was finally time to reach a turning point, but he
didn't have the resources he needed to take his business to the next
level. When Nate received a 504 loan, he was immediately able to invest
in his company, building a facility to manufacture his products right
in his hometown, creating good-paying jobs in the very same community
where he grew up.
Nate's story, like so many others, is proof that the 504 loan program
can change the lives of small business owners in this country. This
program ensures that small businesses like Nate's are able to succeed,
bringing home the job growth and economic stability that our
communities are striving for, especially as we emerge from this
devastating economic crisis.
Because these are not simply businesses. These are livelihoods,
family traditions, and priceless contributions to our communities, and
we have an opportunity to support them on a bipartisan basis by taking
action today.
Madam Speaker, I urge all of my colleagues to come together and join
me in supporting these bills and businesses across our Nation.
Mr. LUETKEMEYER. Madam Speaker, I yield such time as she may consume
to the gentlewoman from California (Mrs. Kim), someone who believes in
cutting red tape to help ease the regulatory burden on all our small
businesses.
Mrs. KIM of California. Madam Speaker, I thank Representative
Luetkemeyer for his leadership in the House Small Business Committee. I
would also like to extend my special thanks to Chairwoman Velazquez for
putting forward these very important bills.
Madam Speaker, I rise in strong support of H.R. 1490, the 504
Modernization and Small Manufacturer Enhancement Act of 2021.
I was proud to join my colleagues, Representatives Craig, Davids, and
Chabot, to introduce this bipartisan bill to modernize the SBA's 504
loan program. The program was established with the mission to
incentivize economic growth and job creation by providing small
businesses with affordable long-term financing.
Our bill will provide the SBA with the tools to assist small
businesses as they recover during COVID-19. H.R. 1490 would expand
eligibility of 504 loans for small businesses that have focused on
workforce development, revitalized areas hit hard by the pandemic or
disaster areas, and implemented energy-efficient products, or have 10
or fewer employees. These additions will strengthen the 504 loan
program for the long run and help small businesses in my community
access much-needed capital.
The bill will also streamline the closing process of 504 loans.
Specifically, H.R. 1490 allows Certified Development Companies to
rectify documentation without the implicit approval of the SBA. These
corrections will allow small businesses to make investments in their
community or hire more workers without delay.
Lastly, the bill would support our small manufacturers to ensure that
our community's manufacturing base remains strong and competitive
during these difficult times.
Madam Speaker, I urge my colleagues on both sides of the aisle to
support H.R. 1490.
[[Page H1772]]
Ms. DAVIDS of Kansas. Madam Speaker, I reserve the balance of my
time.
Mr. LUETKEMEYER. Madam Speaker, I yield such time as she may consume
to the gentlewoman from New York (Ms. Tenney), a small business owner
herself who knows the importance of cutting red tape and how it can be
linked to success of a small business.
Ms. TENNEY. Madam Speaker, I thank Chairwoman Velazquez and Ranking
Member Luetkemeyer for bringing forth this great bipartisan bill.
I rise today in support of H.R. 1490, the 504 Modernization and Small
Manufacturer Enhancement Act. I am proud to cosponsor this bill with my
colleagues from both sides of the aisle.
This bipartisan legislation improves the loan guaranty program and
helps small manufacturers access capital by streamlining the loan
process and providing support to manufacturers who apply for the loan
from local Small Business Administration district offices.
As small businesses across the country and throughout New York's 22nd
District continue to struggle with the devastating impacts of COVID-19,
we must provide targeted support to our small businesses and
manufacturers, and H.R. 1490 does just that.
This legislation increases the maximum loan amount to $6.5 million
and requires SBA district offices to partner with SBA resource partners
to provide entrepreneurial development assistance to small
manufacturers, which are abundant in central New York.
This bill will also work to lower costs and streamline numerous
administrative processes for small manufacturers, giving these
businesses the tools and support they need to keep their doors open,
something that has been said to me repeatedly through numerous
townhalls with the small business community around the region.
As a member of the House Small Business Committee and, as the ranking
member indicated, the owner of a small manufacturing facility that is
in its 75th year in central New York, I am pleased to cosponsor H.R.
1490 and the other three small business bills on the floor today. These
four bills will provide targeted relief to small businesses across New
York's 22nd District and throughout the Nation. At a time when
Americans seek true bipartisanship from its elected officials, I am
honored to be part of that effort.
Madam Speaker, I thank Representative Craig from Minnesota and
Representative Kim from California for their leadership on this issue.
I look forward to continuing to work with them on this matter.
Ms. DAVIDS of Kansas. Madam Speaker, I continue to reserve the
balance of my time.
Mr. LUETKEMEYER. Madam Speaker, we have one more gentleman coming,
but there is a long path between his office and here. Apparently he is
not here on time, so I am prepared to close.
Madam Speaker, as our economy continues to recover and as our small
businesses rebuild, existing Federal Government programs, tools, and
resources need to be ready to provide assistance. Processes that are
slow and unwieldy must be examined and retooled to ensure they are
working on behalf of small businesses and the American public.
H.R. 1490, the 504 Modernization and Small Manufacturer Enhancement
Act of 2021, takes these steps to streamline the program while ensuring
it is a viable option for small businesses as they recover and grow.
Additionally, H.R. 1490 places a direct focus on our Nation's small
manufacturers. We must continue to work in a bipartisan manner to
ensure these programs are ready for recovery.
With that, I urge my colleagues to support H.R. 1490.
Madam Speaker, I yield back the balance of my time.
Ms. DAVIDS of Kansas. Madam Speaker, I yield myself such time as I
may consume.
Madam Speaker, the SBA's 504 loan program has made a significant
impact on our Main Streets in its 62-year history.
In addition to partnering with banks to extend affordable fixed-asset
capital, most CDCs in the program are also actively involved in
promoting local economic development, especially for underserved
business communities.
I am proud of the opportunity we have today to continue supporting
the work of CDCs. I want to applaud the work by the gentlewoman from
Minnesota, the gentlewoman from California, and their bipartisan effort
on the 504 program.
I encourage all of my colleagues to vote ``yes.''
Madam Speaker, I yield back the balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentlewoman from Kansas (Ms. Davids) that the House suspend the rules
and pass the bill, H.R. 1490.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds
being in the affirmative, the ayes have it.
Mr. WEBER of Texas. Madam Speaker, on that I demand the yeas and
nays.
The SPEAKER pro tempore. Pursuant to section 3(s) of House Resolution
8, the yeas and nays are ordered.
Pursuant to clause 8 of rule XX, further proceedings on this motion
are postponed.
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