504 Modernization and Small Manufacturer Enhancement Act of 2026
Latest action. Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
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.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Reported to House" stage on October 9, 2026. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on November 12, 2026: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 118th Congress (2023-24), 274 of the 16,565 bills and joint resolutions introduced became law, about 1.7 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Nydia Velázquez (D-NY) introduced it on September 14, 2026, and 3 members have since signed on as cosponsors.
They come from both major parties: 2 Democrats, 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on September 14, 2026, 61 days ago. The most recent recorded action was 2 days ago, on November 12, 2026.
Measures do not carry over. Anything the 119th Congress has not finished by January 3, 2027 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers