Congressional Update on SBA Reauthorization and Improvement Act of 2019
Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, recently released the Chairman’s mark, the Small Business Administration (SBA) Reauthorization and Improvement Act of 2019, which will reauthorize and modernize both the Small Business Investment Act and the Small Business Act.
Recognizing both the challenges and the opportunities small businesses face in the 21st century, Chairman Rubio’s SBA Reauthorization and Improvement Act of 2019 seeks to eliminate some of the challenges faced by SBA 504 lenders so they can more effectively and efficiently address the needs of small businesses.
The following are some of the key 504 Loan Program provisions included in the Chairman Rubio’s mark:
• Establishing a 504 Express Loan for loans under $500,000.
• Increasing the maximum 504 loan amount for small manufacturers from $5.5 million to $10 million, along with other program enhancements.
• Streamlining processes by allowing Accredited Lenders Program (ALP) Certified Development Companies to make certain changes unilaterally.
• Consolidating the closing process and improving oversight of the program
The Senate Committee on Small Business and Entrepreneurship was scheduled to meet on July 24 to consider the bill with the goal of reporting a bill out of Committee before Congress adjourns for the summer, but that meeting was postponed and has not yet been rescheduled.
For more information about SBA 504 loans in Alabama, Florida or South Georgia, contact a Florida First Capital Loan Officer or email us at info@FloridaFirst.com. Phone: 850.681.3601 or toll-free at 800.504.LOAN.