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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10245 Introduced in House (IH)]

<DOC>

118th CONGRESS
  2d Session
                               H. R. 10245

    To amend the Small Business Investment Act of 1958 to allow the 
  Administrator of the Small Business Administration the authority to 
increase amount of commitments to qualified State or local development 
                   companies, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           November 21, 2024

Ms. Velazquez introduced the following bill; which was referred to the 
                      Committee on Small Business

_______________________________________________________________________

                                 A BILL

 
    To amend the Small Business Investment Act of 1958 to allow the 
  Administrator of the Small Business Administration the authority to 
increase amount of commitments to qualified State or local development 
                   companies, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``504 Program Level Flexibility Act''.

SEC. 2. AUTHORITY TO INCREASE AMOUNT OF COMMITMENTS TO QUALIFIED STATE 
              OR LOCAL DEVELOPMENT COMPANIES.

    Section 503 of the Small Business Investment Act of 1958 (15 U.S.C. 
697) is amended by adding at the end the following new subsection:
    ``(j) Authority To Increase Amount of Commitments to Qualified 
State or Local Development Companies.--
            ``(1) In general.--Subject to paragraphs (2) and (3) and 
        with respect to fiscal year 2025 and each fiscal year 
        thereafter, if the Administrator determines that the amount of 
        commitments by the Administrator to guarantee loans authorized 
        under this section for a fiscal year could exceed the limit on 
        the total amount of commitments the Administrator may make for 
        those loans under this Act, an appropriations Act, or any other 
        provision of law, the Administrator may make commitments for 
        those loans for that fiscal year in an aggregate amount equal 
        to not more than 115 percent of that limit.
            ``(2) Notice required before exercising authority.--Not 
        later than 30 days before the date on which the Administrator 
        intends to exercise the authority under paragraph (1), the 
        Administrator shall submit notice of intent to exercise the 
        authority to--
                    ``(A) the Committee on Small Business and 
                Entrepreneurship and the Subcommittee on Financial 
                Services and General Government of the Committee on 
                Appropriations of the Senate; and
                    ``(B) the Committee on Small Business and the 
                Subcommittee on Financial Services and General 
                Government of the Committee on Appropriations of the 
                House of Representatives.
            ``(3) Limitation.--The Administrator shall not exercise the 
        authority under paragraph (1) more than once during any fiscal 
        year.''.
                                 <all>
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