504 Modernization and Small Manufacturer Enhancement Act of 2026
- Commerce
Where it stands
- Introduced
- Committee
- Floor
- PassedMotion to reconsider laid on the table Agreed to without objection.
- Law
Latest action
Motion to reconsider laid on the table Agreed to without objection.
Summary
504 Modernization and Small Manufacturer Enhancement Act of 2026 — This bill generally expands the Small Business Administration (SBA) 504 Loan Program to include additional objectives and flexibilities (e.g., new economic development objectives that may be used to qualify for assistance under the program). The program provides a small business with SBA financing—through a certified development company intermediary—for expansion or modernization.Specifically, the bill expands the public policy goals that allow an intermediary to qualify for assistance to include additional objectives. These include (1) workforce development through work-based or work-integrated training, and (2) aiding the revitalization of an area for which a disaster has been declared or determined.The bill also authorizes an intermediary to take specified actions to facilitate the closing of 504 loans, such as correcting borrower or lender information on loan documents or reallocating up to 10% of the cost of a project.Further, the bill allows small businesses to lease a larger portion of renovated buildings that are financed with 504 loans to other tenants in certain circumstances. In the case of a project to renovate or reconstruct an existing building, a small business may lease a maximum of 66% of the building to commercial or residential tenants if certain conditions are met. For example, the small business must have occupied the building for 12 consecutive months prior to the project.Additionally, the bill exempts intermediaries from the requirement to demonstrate they are unable to obtain credit elsewhere to receive 504 loans.
Sources & documents
7Coverage availableUpdated 12 Nov 2026, 12:23