504 Program Level Flexibility Act
This bill authorizes the Small Business Administration (SBA), upon a determination that the amount of its commitments to guarantee 504 loans could exceed the authorized limit, to guarantee up to 115% of that limit. Such loans, made through SBA community partners and certified by the SBA, provide long-term, fixed rate financing for major fixed assets that promote business growth and job creation.
To amend the Small Business Investment Act of 1958 to allow the 
  Administrator of the Small Business Administration the authority to 
increase amount of commitments to qualified State or local development 
                   companies, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``504 Program Level Flexibility Act''.

SEC. 2. AUTHORITY TO INCREASE AMOUNT OF COMMITMENTS TO QUALIFIED STATE 
              OR LOCAL DEVELOPMENT COMPANIES.

    Section 503 of the Small Business Investment Act of 1958 (15 U.S.C. 
697) is amended by adding at the end the following new subsection:
    ``(j) Authority To Increase Amount of Commitments to Qualified 
State or Local Development Companies.--
            ``(1) In general.--Subject to paragraphs (2) and (3) and 
        with respect to fiscal year 2021 and each fiscal year 
        thereafter, if the Administrator determines that the amount of 
        commitments by the Administrator to guarantee loans authorized 
        under this section for a fiscal year could exceed the limit on 
        the total amount of commitments the Administrator may make for 
        those loans under this Act, an appropriations Act, or any other 
        provision of law, the Administrator may make commitments for 
        those loans for that fiscal year in an aggregate amount equal 
        to not more than 115 percent of that limit.
            ``(2) Notice required before exercising authority.--
                    ``(A) In general.--Not later than 30 days before 
                the date on which the Administrator intends to exercise 
                the authority under paragraph (1), the Administrator 
                shall submit notice of intent to exercise the authority 
                to--
                            ``(i) the Committee on Small Business and 
                        Entrepreneurship and the Subcommittee on 
                        Financial Services and General Government of 
                        the Committee on Appropriations of the Senate; 
                        and
                            ``(ii) the Committee on Small Business and 
                        the Subcommittee on Financial Services and 
                        General Government of the Committee on 
                        Appropriations of the House of Representatives.
                    ``(B) Exception.--Subparagraph (A) shall not apply 
                with respect to fiscal year 2021.
            ``(3) Limitation.--The Administrator shall not exercise the 
        authority under paragraph (1) more than once during any fiscal 
        year.''.
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504 Program Level Flexibility Act
To amend the Small Business Investment Act of 1958 to allow the Administrator of the Small Business Administration the authority to increase amount of commitments to qualified State or local development companies, and for other purposes.
504 Program Level Flexibility Act
Rep. Newman, Marie