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SBA | RIN: 3245-AG79 | Publication ID: Fall 2017 |
Title: Debt Refinancing in 504 Loan Program | |
Abstract:
The Small Business Jobs Act of 2010 (Jobs Act), Public Law 114-240, enacted on September 27, 2010, temporarily expanded the ability of a small business to use the 504 Loan Program to refinance certain qualifying debt. Prior to the Jobs Act, a 504 Project could include a refinancing component only if the project involved an expansion of the small business and the existing indebtedness did not exceed 50 percent of the project cost of the expansion. The temporary Jobs Act program authorized the use of the 504 Loan Program for the refinancing of debt where there is no expansion of the small business concern. SBA's authority to guarantee loans under this temporary program expired on September 27, 2012. Section 521 of Division E of the Consolidated Appropriations Act, 2016, enacted on December 22, 2015, reauthorized the Debt Refinancing Program. An Interim Final Rule implemented the Debt Refinancing Program, and SBA is now evaluating comments and the program to determine Final Rule content. |
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Agency: Small Business Administration(SBA) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Not subject to, not significant | |
CFR Citation: 13 CFR 120 | |
Legal Authority: Pub. L. 114-113, Div E, sec. 521 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Linda Reilly Chief, 504 Loan Program Small Business Administration 409 Third Street SW, Washington, DC 20416 Phone:202 604-5032 Email: linda.reilly@sba.gov |