As of March 21, 2024

Courtesy of our national association, NADCO.

FY24 Government Funding Status:
Congress has agreed on government funding and released the final six funding bills earlier on March 21, 2024, setting up a tight timeline for passage of the legislation. The House is expected to vote early on March 22, 2024, before sending the bill to the Senate.

There is a chance the clock may run out before the Senate passes the bill, which could result in a very short government shutdown. However, there is every indication congressional leaders will work to quickly pass the legislation and send it to President Biden, who has indicated he will immediately sign the bill.

What’s in it for the 504 and 7(a) program?

• FY24 504 authorization level: $16.5 billion, a $1.5 billion increase from FY23
• FY24 7(a) authorization level: $35 billion
• The industry will be able to continue working with borrowers to deliver 504 and Community Advantage 7(a) loans for the remainder of the fiscal year ending on September 30, 2024

What’s Next? 

GLCF will add updates to this post as we receive them from NADCO.