Title: 504 Loan Availability Act
Policy area: Commerce

Summary:
504 Loan Availability Act
This bill temporarily combines the funding authorization for loans and refinancing loans under the Small Business Administration 504 loan program. The 504 loan program provides financing for major fixed assets through community-based Certified Development Companies (CDCs).

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 5057 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 5057

 To amend the Small Business Investment Act of 1958 to modify fees and 
   funding for certain small business refinancing loans and loans to 
qualified State or local development companies, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 29, 2022

Mr. Coons (for himself and Mrs. Shaheen) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend the Small Business Investment Act of 1958 to modify fees and 
   funding for certain small business refinancing loans and loans 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 Loan Availability Act''.

SEC. 2. MODIFICATIONS TO FEES AND FUNDING FOR CERTAIN SMALL BUSINESS 
              REFINANCING LOANS AND LOANS TO QUALIFIED STATE OR LOCAL 
              DEVELOPMENT COMPANIES.

    Title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 
et seq.) is amended--
            (1) in section 502(7)(C) (15 U.S.C. 696(7)(C))--
                    (A) in clause (ii)--
                            (i) in subclause (I), by adding ``and'' at 
                        the end;
                            (ii) in subclause (II), by striking ``; 
                        and'' and inserting a period; and
                            (iii) by striking subclause (III); and
                    (B) in clause (v), by striking ``a total of 
                $7,500,000,000 of financing'' and inserting ``the total 
                amount described in section 511 in financing''; and
            (2) by adding at the end the following:

``SEC. 511. MAXIMUM FUNDING LEVEL.

    ``The Administrator may provide not more than a total, in the 
aggregate, of $15,000,000,000 for each fiscal year of financing to 
guarantee loans under section 503 and loans authorized under section 
502(7)(C).''.

SEC. 3. SUNSET.

    Effective on October 1, 2025, title V of the Small Business 
Investment Act of 1958 (15 U.S.C. 695 et seq.) is amended--
            (1) in section 502(7)(C) (15 U.S.C. 696(7)(C)), by striking 
        clause (v); and
            (2) by striking section 511, as added by section 2 of this 
        Act.
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