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HR 8211 116th Congress House Commerce Administrative remedies Bank accounts, deposits, capital Business records Debt collection Economic development Employment and training programs Energy efficiency and conservation Financial services and investments Government lending and loan guarantees Manufacturing Minority and disadvantaged businesses Performance measurement Small Business Administration Small business User charges and fees Vocational and technical education

504 Modernization and Small Manufacturer Enhancement Act of 2020

Introduced: September 11, 2020 Introduced by: Craig, Angie Democratic · Minnesota See on congress.gov
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 Everywhere this bill has been 11 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 7, 2020
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Dec 3, 2020
Motion to reconsider laid on the table Agreed to without objection.
Dec 3, 2020
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6072-6075)
Dec 3, 2020
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H6072-6075)
Dec 3, 2020
DEBATE - The House proceeded with forty minutes of debate on H.R. 8211.
Dec 3, 2020
Considered under suspension of the rules. (consideration: CR H6072-6076)
Dec 3, 2020
Ms. Velazquez moved to suspend the rules and pass the bill, as amended.
Sep 16, 2020
Ordered to be Reported (Amended) by Voice Vote.
Sep 16, 2020
Committee Consideration and Mark-up Session Held.
Sep 11, 2020
Referred to the House Committee on Small Business.
Sep 11, 2020
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now December 7, 2020

Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1