Small Business Committee

The 504 Modernization and Small Manufacturer Enhancement Act of 2026 amends the Small Business Investment Act to expand eligibility for federal financing programs, specifically allowing loans to support workforce training, disaster recovery areas, and small businesses with ten or fewer employees. The bill streamlines loan closing procedures by permitting certified development companies to make minor adjustments to project costs and borrower details without restarting the approval process, while also authorizing approved attorneys to handle closings for priority lenders. Additionally, it relaxes occupancy requirements for new facilities and existing buildings, allowing small manufacturers to lease up to 50 percent of a new facility and other businesses to lease up to 66 percent of an existing building under specific conditions. Finally, the legislation requires the Small Business Administration to implement a marketing plan to improve loan awareness and exempts certain development company loans from standard credit availability rules.

The Ensuring SBA Implementation of GAO Recommendations Act of 2026 requires the Small Business Administration to develop and implement specific policies within 60 days of its enactment. This action is directed at the Associate Administrator for Veterans Business Development and aims to ensure compliance with reporting requirements established by the Veterans Entrepreneurship and Small Business Development Act of 1999. The bill specifically targets the SBA's internal procedures regarding veteran-owned small businesses.

The Disaster Loan Outreach Consistency Act requires the Small Business Administration to create standardized procedures for its disaster field operations centers within 180 days of enactment. These procedures must ensure that all public communications, such as press releases and fact sheets, accurately reflect current loan terms and eligibility requirements. The bill mandates the use of verified templates and an annual review process to maintain consistency across different regional offices. Additionally, the agency head must notify relevant congressional committees within 30 days of establishing or significantly updating these outreach procedures.

The SBIC Reporting Modernization Act of 2026 requires the Small Business Investment Company (SBIC) Administrator to publish a quarterly report on the performance of licensed small business investment companies. This mandate begins 90 days after the bill is enacted and applies to all SBICs operating under the Small Business Investment Act of 1958. The reports must include specific data points such as the number of applicants approved for final licensing, the dollar value of debentures issued, and the total number of jobs created or sustained through these investments.

The 504 Program Level Flexibility Act allows the Small Business Administration to exceed its annual loan guarantee limit by up to 15 percent if demand for financing from qualified state or local development companies is high. This provision applies starting in fiscal year 2027 and requires the agency administrator to notify specific congressional committees at least 30 days before using this extra authority. The bill also restricts the SBA to using this flexibility measure no more than once per fiscal year.