HR 1490 117th Congress House Commerce Administrative remedies Bank accounts, deposits, capital Business records Congressional oversight Debt collection Economic development Employment and training programs Energy efficiency and conservation Financial services and investments Government lending and loan guarantees Lease and rental services 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 2021

Introduced: March 2, 2021 Introduced by: Craig, Angie Democratic · Minnesota See on congress.gov

Everywhere this bill has been 11 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 19, 2021

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

Apr 15, 2021

Motion to reconsider laid on the table Agreed to without objection.

Apr 15, 2021

On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 400 - 16 (Roll no. 116). (text: 04/14/2021 CR H1769-1770)

Apr 15, 2021

Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 400 - 16 (Roll no. 116).(text: 04/14/2021 CR H1769-1770)

Apr 15, 2021

Considered as unfinished business. (consideration: CR H1834-1835)

Apr 14, 2021

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

Apr 14, 2021

DEBATE - The House proceeded with forty minutes of debate on H.R. 1490.

Apr 14, 2021

Considered under suspension of the rules. (consideration: CR H1769-1772)

Apr 14, 2021

Ms. Davids (KS) moved to suspend the rules and pass the bill.

Mar 2, 2021

Referred to the House Committee on Small Business.

Mar 2, 2021

Introduced in House

Votes taken on this bill 1

Date	Chamber	What was voted on	Result	Yes–No
Apr 16, 2021	House · vote #116	On Motion to Suspend the Rules and Pass	Passed	400–16	See who voted →

Plain-English summary Congressional Research Service

504 Modernization and Small Manufacturer Enhancement Act of 2021

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.

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 and debt refinancing considerations. Further, each SBA district office must partner with a resource partner to provide certain training for small manufacturers.

What's happening now April 19, 2021

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

Committees of jurisdiction 2