H.R. 8211 · 116th Congress
504 Modernization and Small Manufacturer Enhancement Act of 2020
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 116th Congress ended.
D
CraigSponsor3 cosponsors · 1 D, 2 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Sep 11, 2020
- House Passed Dec 3, 2020
504 Modernization and Small Manufacturer Enhancement Act of 2020
What it does: CRS summary · Passed House · Dec 3, 2020
504 Modernization and Small Manufacturer Enhancement Act of 2020
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, and it establishes an express loan closing program for a 504 loan that is less than $500,000.
Further, the bill authorizes a CDC to refinance up to 100% of costs for expansion projects, and it establishes specified requirements for refinancing projects that do not involve expansion. The bill also modifies the requirements for projects to construct a new facility or to acquire, renoavate, or reconstruct an existing building.
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. Further, each SBA district office must partner with a resource partner to provide certain training for small manufacturers.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: 504 Modernization and Small Manufacturer Enhancement Act of 2020
Latest action (Dec 7, 2020): Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Policy area: Commerce · Origin: House · Introduced: Sep 11, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Sep 11, 2020
- House Passed Dec 3, 2020
No recorded floor vote found.