This bill lets the Small Business Administration go over the yearly dollar cap Congress sets for its 504 loan program, which backs long-term, fixed-rate loans small businesses use to buy buildings, land, and major equipment.
504 Program Level Flexibility Act This bill authorizes the Small Business Administration (SBA), upon a determination that the amount of its commitments to guarantee loans under the 504 Loan Program could exceed the authorized annual limit, to guarantee up to 115% of that limit. The 504 Loan Program provides a small business with SBA financing—through a certified development company intermediary—for expansion or modernization. The bill requires the SBA to notify Congress if it intends to use this authority. The SBA may exercise the authority only once each fiscal year.
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