Bills · S 2662
IN COMMITTEE· 119TH CONGRESS
Senate BillS 2662Environmental assessment, monitoring, researchBusiness records
504 Modernization and Small Manufacturer Enhancement Act of 2025
INTRO AUG 1· LAST ACTION SEP 17
READING
12MIN
COSPONSORS
1
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it could significantly boost small business growth and job creation by making it easier and faster for businesses to access crucial funding. If it becomes law, manufacturers could undertake larger projects, potentially leading to increased production and more jobs. The streamlined loan closing process could cut down on delays, meaning businesses get capital quicker and can start or expand operations sooner, which is critical for economic responsiveness.
By prioritizing workforce development, energy efficiency, and support for underserved business groups, the bill connects directly to current economic and social issues like skill gaps, climate change initiatives, and equitable economic opportunity. Without this bill, small businesses, especially manufacturers, would continue to face stricter loan limits and a potentially slower, more bureaucratic loan approval process, possibly hindering their ability to scale up and compete effectively.
KEY PROVISIONS
4AI-extractedPROVISION 01
Increases the maximum loan amount for small manufacturers under the 504 program from $5.5 million to $10 million.
This allows manufacturing businesses to undertake much larger projects, such as buying more expensive equipment or larger facilities.
PROVISION 02
Expands the types of projects eligible for 504 loans to include workforce development, energy efficiency, disaster area revitalization, and support for very small businesses.
This broadens the reach of the program to address key economic and social goals beyond just traditional business expansion.
PROVISION 03
Allows 'accredited lender certified companies' (private lenders) to make minor administrative corrections and changes during the loan closing process without direct government approval.
This streamlines the loan closing process, making it faster and potentially less burdensome for small businesses to finalize their loans.
PROVISION 04
Shifts the responsibility for reviewing 504 loan closing packages from SBA district counsels to designated attorneys of Certified Development Companies, with internal file reviews handled by the SBA's Office of Credit Risk Management.
This reallocates government resources and empowers private sector attorneys to certify loan documents, potentially speeding up approvals.
SPONSORSHIP
1 + 1
D· Minnesota
YRS IN OFFICE
19
BILLS LED
96
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 0 REP 1 IND 0
ACTION TIMELINE
3 EVENTSSEP 17
Committee on Small Business and Entrepreneurship. Hearings held.
AUG 1
Introduced in Senate
AUG 1
Read twice and referred to the Committee on Small Business and Entrepreneurship.
BILL INFO
TypeSenate Bill
NumberS 2662
Congress119th
StatusIn Committee
IntroducedAug 1, 2025
Last actionSep 17, 2025
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IN COMMITTEE· 119TH CONGRESS · SMALL BUSINESS AND ENTREPRENEURSHIP COMMITTEE · INTRODUCED AUG 1, 2025
Senate BillS 2662Environmental assessment, monitoring, researchBusiness records
504 Modernization and Small Manufacturer Enhancement Act of 2025
INTRODUCED AUG 1, 2025· LAST ACTION SEP 17, 2025
PASSAGE CHANCES
—%
READING
12 min
COSPONSORS
1
COMPLEXITY
Moderate
