Stronger Oversight for Small Business 504 Loans and Environmental Compliance.
This law strengthens the oversight of the 504 loan program for small businesses by increasing control over the companies that administer these loans (Certified Development Companies). It introduces stricter penalties for violations and requires clear rules for complying with environmental regulations in project financing. The goal is to make the loan program more secure, protecting public funds and ensuring stable financing for entrepreneurs.
Key points
Enhanced supervision of 504 loan providers, including the power to impose significant financial penalties (up to $250,000) for serious program violations.
Requirement for new rules clarifying how loan companies must comply with federal environmental requirements (NEPA) when funding projects.
Extension of delegated authority for accredited lenders until 2025, ensuring continued access to financing for small businesses.
Status:
Expired
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