House Passes Bishop SBA Loan Efficiency Bill

WASHINGTON, D.C.—Today, the U.S. House of Representatives passed Congressman Dan Bishop's (NC-09) legislation, the 504 Credit Risk Management Improvement Act of 2020, which increases oversight of a Small Business Administration (SBA) loan program that offers small businesses financing to grow and modernize.

The bill enhances the Office of Credit Risk Management at SBA, which oversees the 504 Loan program. This program provides long-term, fixed-rate financing for small businesses to acquire major assets. Rep. Bishop's legislation outlines the specific oversight responsibilities during a review of the 504 Loan approval process and defines the penalties for violating SBA's rules.

"In order for the 504 Loan program to help small businesses, the SBA must have the tools and resources for the program to operate efficiently and fairly. My legislation will ensure this program is working for small businesses and using tax dollars responsibly. I want to thank Ranking Member Steve Chabot (OH-01) for his support and I urge my Senate colleagues to take up this important measure without delay," said Rep. Bishop

"I thank Rep. Bishop for his leadership in safeguarding American taxpayer dollars and ensuring the Small Business Administration 504 Loan program meets the needs of our nation's critically important small businesses," said Ranking Member Steve Chabot (R-OH).

The 504 Credit Risk Management Improvement Act of 2020 passed the House by voice vote after passing out of the Small Business Committee unanimously. Congressman Bishop serves on the Small Business Committee, which oversees the SBA and the 504 Loan program.

More information on SBA's 504 Loan program can be found here.

More information for small businesses affected by the coronavirus pandemic can be found here.