1. Short title
This Act may be cited as the “Small Business Access to Capital and Efficiency Act” or the “Small Business ACE Act”.
Small Business Access to Capital and Efficiency Act
A BILL
To amend the Small Business Act to adjust the real estate appraisal thresholds under the section 504 program of the Small Business Administration to bring those thresholds into line with the thresholds used by the Federal banking regulators, and for other purposes.
2. Appraisal thresholds
Section 502(3)(E)(ii) of the Small Business Investment Act of 1958 (15 U.S.C. 696(3)(E)(ii)) is amended—
by redesignating subclauses (I) and (II) as items (aa) and (bb), respectively, and adjusting the margins accordingly;
by striking “With respect to” and inserting the following:
“(I) In general—With respect to”
in item (aa), as so redesignated, by striking “is more than $250,000” and inserting “is more than the Federal banking regulator appraisal threshold”;
in item (bb), as so redesignated, by striking “is $250,000 or less” and inserting “is not more than the Federal banking regulator appraisal threshold”; and
by adding at the end the following:
“(II) Federal banking regulator appraisal threshold defined—In this clause, the term Federal banking regulator appraisal threshold means the lesser of the threshold amounts set by the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation for when a federally related transaction that is a commercial real estate transaction requires an appraisal prepared by a State licensed or certified appraiser.”