{"format":1,"id":"117-hr-1490","congress":117,"number":"H.R. 1490","kind":"bill","group":"bills","title":"504 Modernization and Small Manufacturer Enhancement Act of 2021","title_source":"Short Title(s) as Passed House","official_title":"To amend the Small Business Investment Act of 1958 to improve the loan guaranty program, enhance the ability of small manufacturers to access affordable capital, and for other purposes.","titles":[{"type":"Official Title as Introduced","title":"To amend the Small Business Investment Act of 1958 to improve the loan guaranty program, enhance the ability of small manufacturers to access affordable capital, and for other purposes."},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"504 Modernization and Small Manufacturer Enhancement Act of 2021"},{"type":"Display Title","title":"504 Modernization and Small Manufacturer Enhancement Act of 2021"},{"type":"Short Title(s) as Passed House","title":"504 Modernization and Small Manufacturer Enhancement Act of 2021"},{"type":"Short Title(s) as Introduced","title":"504 Modernization and Small Manufacturer Enhancement Act of 2021"}],"outcome":"passed_house","law_number":null,"introduced":"2021-03-02","chambers":{"house":{"status":"roll_call","date":"2021-04-15","vote":{"id":"117-2021-h116","question":"On Motion to Suspend the Rules and Pass","title":"504 Modernization and Small Manufacturer Enhancement Act","result":"Passed","yea":400,"nay":16,"present":0,"not_voting":13,"source":"https://clerk.house.gov/evs/2021/roll116.xml"}},"senate":{"status":"na","date":null,"vote":null}},"president":{"status":"na","date":null},"vice_president_tie_breaker":null,"latest_action":{"text":"Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.","date":"2021-04-19"},"nominees":null,"amendments":[],"other_votes":[],"crs_summary":{"date":"2021-04-15","stage":"Passed House","blocks":[{"k":"h","t":"504 Modernization and Small Manufacturer Enhancement Act of 2021"},{"k":"p","t":"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."},{"k":"p","t":"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."},{"k":"p","t":"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."}],"words":195},"summary":{"main_subject":{"text":"Amends the Small Business Investment Act of 1958 to change the Small Business Administration's certified development company (504) loan program, including added terms for small manufacturers.","cites":[{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text/eh#H63E3E38CBFC74860949740EAA6A54751"},{"label":"Sec. 3","href":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text/eh#H5A25F841EB7F49F59EB86DBD05F5C573"},{"label":"Sec. 4","href":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text/eh#H0E618535788C4308AD6A9AF9CDA6E7AE"},{"label":"Sec. 5","href":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text/eh#H7C2BC16EA85B45F3AF8874AC231C6A99"},{"label":"Sec. 6","href":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text/eh#H849E7A1E202C476ABD273663B45E9CBF"},{"label":"Sec. 7","href":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text/eh#H3C696472893E4DB682351D4BB748096C"}]},"core_areas":["Policy goals for the development company loan program","Loan terms for small manufacturers","504 loan closing procedures and oversight","Training assistance for small manufacturers","Leasing rules for financed facilities and existing buildings"],"what_it_does":[{"text":"Adds policy goals to the development company program, including workforce development through training of at least 12 weeks, energy efficient products and renewable energy, disaster-area revitalization, and expansion of businesses with 10 or fewer employees.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text/eh#H63E3E38CBFC74860949740EAA6A54751"}},{"text":"Replaces $5,500,000 with $6,500,000 in a loan amount limit in section 502 of the Small Business Investment Act of 1958.","cite":{"label":"Sec. 3","href":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text/eh#H5A25F841EB7F49F59EB86DBD05F5C573"}},{"text":"Lets an accredited lender certified company take listed actions to close a 504 loan, such as reallocating up to 10 percent of project cost, correcting names and addresses, and changing a third-party or interim lender.","cite":{"label":"Sec. 4","href":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text/eh#H0E618535788C4308AD6A9AF9CDA6E7AE"}},{"text":"Sets separate terms for small manufacturers: a contribution of at least 5 percent of project cost in most cases, no additional collateral, and one job per $150,000 guaranteed rather than per $75,000.","cite":{"label":"Sec. 5","href":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text/eh#H7C2BC16EA85B45F3AF8874AC231C6A99"}},{"text":"Requires each district office of the Administration to partner with at least one resource partner to train manufacturing small businesses on obtaining assistance under the program.","cite":{"label":"Sec. 6","href":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text/eh#H849E7A1E202C476ABD273663B45E9CBF"}},{"text":"Replaces the leasing rules for assisted businesses, allowing up to 20 percent of a new facility project to be permanently leased and up to 50 percent of an existing building project, with stated conditions.","cite":{"label":"Sec. 7","href":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text/eh#H3C696472893E4DB682351D4BB748096C"}}],"unexpected":[],"version":{"type":"Engrossed in House","date":"2021-04-15","rule":"passed","href":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text/eh"},"current":true,"model":"claude-sonnet-5-5","approved":"2026-10-15","approved_by":"checks"},"sources":{"congress_gov":"https://www.congress.gov/bill/117th-congress/house-bill/1490","text":"https://www.congress.gov/bill/117th-congress/house-bill/1490/text"},"card":{"image":"card/item/117-hr-1490.png","v":"a29a60bf8424","alt":"Votes on Record. H.R. 1490, 117th Congress: 504 Modernization and Small Manufacturer Enhancement Act of 2021. House: 400 Yea, 16 Nay. Outcome: Passed House, 15 Apr 2021."}}