117th Congress (2021–2023) · House bill · Sponsor: Rep. Craig, Angie [D-MN-2]
This page covers HR1490 in the 117th Congress. Bill numbers start over every Congress, so HR1490 in another Congress is a different bill.
| Item | Detail |
|---|---|
| Roll-call votes | 1 |
| Chamber | House |
| Latest vote | 2021-04-15: Passed |
| Latest action | 2021-04-19: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. |
| Policy area | Commerce |
| Official record | Congress.gov |
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.
Subjects: Administrative remedies, Bank accounts, deposits, capital, Business records, Congressional oversight, Debt collection, Economic development, Employment and training programs, Energy efficiency and conservation, Financial services and investments, Government lending and loan guarantees
Every recorded vote on this bill, newest first, with a link to the official tally. Member-by-member positions are on each member’s profile.
| Date | Chamber | Question | Result | Yea | Nay | Not voting | Record |
|---|---|---|---|---|---|---|---|
| 2021-04-15 | House | 2/3 Yea-And-Nay | Passed | 275 | 9 | 5 | Official tally |
HR1490 (504 Modernization and Small Manufacturer Enhancement Act of 2021) was introduced in the 117th Congress (2021–2023) by Rep. Craig, Angie [D-MN-2].
On 2021-04-19: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
1 recorded vote in the 117th Congress. The most recent, on 2021-04-15, was "2/3 Yea-And-Nay": Passed.