504 Modernization and Small Manufacturer Enhancement Act of 2020
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HR 8211 — 504 Modernization and Small Manufacturer Enhancement Act of 2020
Last action — Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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Died in session
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
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.
Bill Text
We don't have the full text on file for this bill yet.
Read HR 8211 on the official United States source →Action History
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Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
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Motion to reconsider laid on the table Agreed to without objection.
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On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6072-6075)
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DEBATE - The House proceeded with forty minutes of debate on H.R. 8211.
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Considered under suspension of the rules. (consideration: CR H6072-6076)
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Ms. Velazquez moved to suspend the rules and pass the bill, as amended.
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Ordered to be Reported (Amended) by Voice Vote.
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Committee Consideration and Mark-up Session Held.
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Referred to the House Committee on Small Business.
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Introduced in House
Sponsors
- Angela Craig · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does HR 8211 do?
- 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.
- Who sponsors HR 8211?
- HR 8211 is sponsored by Angela Craig (D).
- What is the current status of HR 8211?
- This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track HR 8211?
- Track HR 8211 free on One Click Politics — get push/email alerts when it moves.
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