US HB8211 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Engrossed on December 7 2020 - 50% progression, died in committee
Action: 2020-12-07 - Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Pending: Senate Small Business And Entrepreneurship Committee
Text: Latest bill text (Engrossed) [PDF]

Summary

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.

Tracking Information

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Title

504 Modernization and Small Manufacturer Enhancement Act of 2020

Sponsors


History

DateChamberAction
2020-12-07SenateReceived in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
2020-12-03HouseMotion to reconsider laid on the table Agreed to without objection.
2020-12-03HouseOn motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6072-6075)
2020-12-03HouseDEBATE - The House proceeded with forty minutes of debate on H.R. 8211.
2020-12-03HouseConsidered under suspension of the rules. (consideration: CR H6072-6076)
2020-12-03HouseMs. Velazquez moved to suspend the rules and pass the bill, as amended.
2020-09-16HouseOrdered to be Reported (Amended) by Voice Vote.
2020-09-16HouseCommittee Consideration and Mark-up Session Held.
2020-09-11HouseReferred to the House Committee on Small Business.
2020-09-11HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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