{"abstract":"The U.S. Small Business Administration (SBA or Agency) is amending regulations governing SBA's 504 Loan Program for debt refinancing with expansion and debt refinancing without expansion with this direct final rule. The changes will streamline the loan application process, expand eligibility criteria for small businesses borrowers, and make minor corrections. The amendments include: removing the 50% cap on debt refinance without expansion to conform with current legislation; raising the loan to value requirement on debt refinancing without expansion projects that include other business expenses to 90% and eliminating the cap on Eligible Business Expenses; aligning the \"substantially all\" standard for 504 debt refinancing with expansion so it is consistent with the debt refinancing without expansion standard of 75%; eliminating the 10% substantial benefit test on 504 debt refinancing with expansion and 504 debt refinancing without expansion on refinancing other government debt; and allowing certain \"other secured debt\" to be included as an Eligible Business Expense.","action":"Direct final rule.","agencies":[{"raw_name":"SMALL BUSINESS ADMINISTRATION","name":"Small Business Administration","id":468,"url":"https://www.federalregister.gov/agencies/small-business-administration","json_url":"https://www.federalregister.gov/api/v1/agencies/468","parent_id":null,"slug":"small-business-administration"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2024/10/01/2024-22040.html","cfr_references":[{"chapter":null,"citation_url":null,"part":120,"title":13}],"citation":"89 FR 79734","comment_url":null,"comments_close_on":"2024-10-31","correction_of":null,"corrections":[],"dates":"The direct final rule is effective November 15, 2024. SBA must receive comments on this direct final rule on or before October 31, 2024. If adverse comment is received, SBA will publish a timely withdrawal of the rule in the Federal Register.","disposition_notes":null,"docket_ids":[],"dockets":[{"supporting_documents":[],"agency_name":"SBA","documents":[{"comment_count":1,"comment_start_date":"2024-10-01","updated_at":"2024-11-01T01:01:29.444-04:00","comment_url":"https://www.regulations.gov/commenton/SBA-2024-0014-0001","allow_late_comments":false,"id":"SBA-2024-0014-0001","comment_end_date":"2024-11-01","regulations_dot_gov_open_for_comment":false}],"supporting_documents_count":0,"id":"SBA-2024-0014","title":"504 Debt Refinancing"}],"document_number":"2024-22040","effective_on":"2024-11-15","end_page":79741,"executive_order_notes":null,"executive_order_number":null,"explanation":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2024/10/01/2024-22040.xml","html_url":"https://www.federalregister.gov/documents/2024/10/01/2024-22040/504-debt-refinancing","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2024-22040?publication_date=2024-10-01","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2024-10-01/2024-22040/mods.xml","not_received_for_publication":null,"page_length":8,"page_views":{"count":1710,"last_updated":"2026-04-04 16:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2024-10-01/pdf/2024-22040.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2024-22040.pdf?1727700320","publication_date":"2024-10-01","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2024/10/01/2024-22040.txt","regulation_id_number_info":{"3245-AI15":{"issue":"202404","html_url":"https://www.federalregister.gov/regulations/3245-AI15/504-loan-program-debt-refinancing-with-and-without-expansion-updates","title":"504 Loan Program Debt Refinancing With and Without Expansion Updates","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202404&RIN=3245-AI15&operation=OPERATION_EXPORT_XML","priority_category":"Other Significant"}},"regulation_id_numbers":["3245-AI15"],"regulations_dot_gov_info":{"supporting_documents":[],"regulatory_plan":{"html_url":"https://www.federalregister.gov/regulations/3245-AI15/504-loan-program-debt-refinancing-with-and-without-expansion-updates","title":"504 Loan Program Debt Refinancing With and Without Expansion Updates"},"comments_count":1,"agency_id":"SBA","comments_url":"https://www.regulations.gov/docketBrowser?rpp=50&so=DESC&sb=postedDate&po=0&dct=PS&D=SBA-2024-0014","supporting_documents_count":0,"docket_id":"SBA-2024-0014","document_id":"SBA-2024-0014-0001","regulation_id_number":"3245-AI15","title":"504 Debt Refinancing","checked_regulationsdotgov_at":"2024-11-02T01:00:17Z"},"regulations_dot_gov_url":null,"significant":true,"signing_date":null,"start_page":79734,"subtype":null,"title":"504 Debt Refinancing","toc_doc":"504 Debt Refinancing","toc_subject":null,"topics":["Reporting and recordkeeping requirements","Small businesses"],"type":"Rule","volume":89}