Bill SponsorBILLSPONSOR
Bill Sponsor
Politicians
Bills
House Bill 1490
117th Congress(2021-2022)
504 Modernization and Small Manufacturer Enhancement Act of 2021
Active
Active
Passed House on Apr 15, 2021
Overview
Text
Introduced
Mar 2, 2021
Latest Action
Apr 19, 2021
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1490
Congress
117
Policy Area
Commerce
Commerce
Primary focus of measure is business investment, development, regulation; small business; consumer affairs; competition and restrictive trade practices; manufacturing, distribution, retail; marketing; intellectual property. Measures concerning international competitiveness and restrictions on imports and exports may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
Angie Craig
Minnesota
Republican
Young Kim
California
Democrat
Marie Newman
Illinois
Democrat
Sharice Davids
Kansas
Republican
Claudia Tenney
New York
Republican
Steve Chabot
Ohio
Republican
Brian Fitzpatrick
Pennsylvania
Democrat
Steve Cohen
Tennessee
Republican
Van Taylor
Texas
House Votes (1)
Senate Votes (0)
checkPassed on April 16, 2021
Question
On Motion to Suspend the Rules and Pass
Status
Passed
Type
Roll Call Vote
Roll Call Vote
A vote that records the individual position of each Member who voted. Such votes occurring on the House floor (by the "yeas and nays" or by "recorded vote") are taken by electronic device. The Senate has no electronic voting system; in such votes, Senators answer "yea" or "nay" as the clerk calls each name aloud. Each vote is compiled by clerks and receives a roll call number (referenced in Congress.gov as a "Record Vote" [Senate] or "Roll no." [House]).
Roll Call Type
2/3 Yea-And-Nay
Roll Number
116
House Roll Call Votes
Summary

504 Modernization and Small Manufacturer Enhancement Act of 2021

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.

Text (3)
Referred in Senate
April 19, 2021
Engrossed in House
April 15, 2021
Introduced in House
March 2, 2021
Related Bills (1)
Jun 24, 2021
Introduced in Senate
4
Sponsorship
Senate Bill 2231
504 Modernization and Small Manufacturer Enhancement Act of 2021
Introduced
Type
Identical Bill
Identical Bill
A bill that is word-for-word identical to another bill. Bills are characterized as identical to each other at the introduced stage only, even though a later (e.g., reported or passed) version of a bill might meet the same criteria for text similarity. Companion measures, procedurally-related measures, and legislation with text similarities are other related bill types.
Identified By
CRS
Actions (11)
04/19/2021
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
04/15/2021
Motion to reconsider laid on the table Agreed to without objection.
04/15/2021
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 400 - 16 (Roll no. 116). (text: 04/14/2021 CR H1769-1770)
04/15/2021
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 400 - 16 (Roll no. 116).(text: 04/14/2021 CR H1769-1770)
04/15/2021
Considered as unfinished business. (consideration: CR H1834-1835)
04/14/2021
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
04/14/2021
DEBATE - The House proceeded with forty minutes of debate on H.R. 1490.
04/14/2021
Considered under suspension of the rules. (consideration: CR H1769-1772)
04/14/2021
Ms. Davids (KS) moved to suspend the rules and pass the bill.
03/02/2021
Referred to the House Committee on Small Business.
03/02/2021
Introduced in House
Public Record
Record Updated
Mar 8, 2023 7:58:20 PM
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