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United States · Bill · S

S. 1352 (118th)

504 Modernization and Small Manufacturer Enhancement Act of 2023

openUnited States· United States Congress· EN

Introduced

27 April 2023

Last action

25 July 2023 · Reported

Status

Placed on Senate Legislative Calendar under General Orders. Calendar No. 168.

Sponsors

Sen. Klobuchar, Amy [D-MN], Sen. Young, Todd [R-IN], Sen. Booker, Cory A. [D-NJ], Sen. Rubio, Marco [R-FL], Sen. Cantwell, Maria [D-WA]

Subjects

Energy

Source updated

27 May 2025

Energy

Official sourceDownload fileView documentsShare

Summary

504 Modernization and Small Manufacturer Enhancement Act of 2023 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 27 April 2023

    Introduced

    Read twice and referred to the Committee on Small Business and Entrepreneurship.

    Source: IntroReferral

  2. 27 April 2023

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 19 July 2023

    Reported

    Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.

    Source: Committee

  4. 25 July 2023

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 168.

    Source: Calendars

  5. 25 July 2023

    Reported

    Committee on Small Business and Entrepreneurship. Reported by Senator Cardin with an amendment in the nature of a substitute. Without written report.

    Source: Committee

  6. 25 July 2023

    Reported

    Committee on Small Business and Entrepreneurship. Reported by Senator Cardin with an amendment in the nature of a substitute. Without written report.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

6 official files

Reported to Senate (text)

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  • Reported to Senate (text)

    Reported to Senate · EN · 25 July 2023

    ViewDownloadOpen at official source

  • Reported to Senate (PDF)

    Reported to Senate · EN · 25 July 2023

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  • Reported to Senate

    summary · EN · 25 July 2023

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 27 April 2023

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 27 April 2023

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  • Introduced in Senate

    summary · EN · 27 April 2023

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Sponsors

Related records

Sources

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