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504 Modernization and Small Manufacturer Enhancement Act of 2023

Introduced: April 27, 2023 Introduced by: Klobuchar, Amy Democratic · Minnesota See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 25, 2023
Placed on Senate Legislative Calendar under General Orders. Calendar No. 168.
Jul 25, 2023
Committee on Small Business and Entrepreneurship. Reported by Senator Cardin with an amendment in the nature of a substitute. Without written report.
Jul 19, 2023
Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.
Apr 27, 2023
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Apr 27, 2023
Introduced in Senate
 Plain-English summary Congressional Research Service

504 Modernization and Small Manufacturer Enhancement Act of 2023

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 July 25, 2023

Placed on Senate Legislative Calendar under General Orders. Calendar No. 168.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 2 Republican 1