504 Loan Availability Act

Bill: 117-s-5057
Sponsor: full_name: Sen. Coons, Christopher A. [D-DE]
Introduced: 2022-09-29
Policy area: Commerce
Latest action: action_date: 2022-09-29
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2022-09-29
action_desc: Introduced in Senate
text: <p><b>504 Loan Availability Act</b></p> <p>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).</p>

tv_txt: II 117th CONGRESS 2d Session S. 5057 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.

1. Short title This Act may be cited as the 504 Loan Availability Act . 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: 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). . 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.