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S 1555 · 119th Congress · Commerce

Made in America Manufacturing Finance Act of 2025

Introduced May 01, 2025 Latest action March 11, 2026 6 cosponsors

Sponsor

Latest action

Committee on Small Business and Entrepreneurship. Hearings held.

Action timeline

Every recorded action on this bill, newest first. Stage badges color-code the legislative path.

Mar 11, 2026
committee Committee on Small Business and Entrepreneurship. Hearings held.
Small Business and Entrepreneurship Committee
Jan 14, 2026
committee Committee on Small Business and Entrepreneurship. Hearings held.
Small Business and Entrepreneurship Committee
Sep 17, 2025
committee Committee on Small Business and Entrepreneurship. Hearings held.
Small Business and Entrepreneurship Committee
Jul 29, 2025
committee Committee on Small Business and Entrepreneurship. Reported by Senator Ernst with an amendment in the nature of a substitute. Without written report.
Small Business and Entrepreneurship Committee
Jul 29, 2025
other Placed on Senate Legislative Calendar under General Orders. Calendar No. 130.

Text versions

Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.

Jul 29, 2025 Reported to Senate
XML
May 01, 2025 Introduced in Senate
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Changelog
ⓘ

How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.

  1. ih / is — Introduced in House / Senate. First filed version.
  2. rfh / rfs — Referred to a committee for review.
  3. rh / rs — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).
  4. pcs / pch — Placed on Calendar for floor consideration.
  5. eh / es — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.
  6. rdh / rds — Received by the other chamber.
  7. eah / eas — Engrossed Amendment. The other chamber passed an amended version.
  8. ath / ats — Agreed to. Both chambers settled on the same text.
  9. enr — Enrolled. Final reconciled text, sent to the President.
  10. pl — Public Law. Signed by the President. It's now law.
  11. pp — Public Print. Official printing post-enactment.

Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.

Line-level diff between text versions of this bill — what actually changed at each legislative stage.

→
+174 −7 28 unchanged
--- Introduced (Senate)
+++ Reported (Senate)
@@ -1,8 +1,9 @@
[From the U.S. Government Publishing Office]
-[S. 1555 Introduced in Senate (IS)]
+[S. 1555 Reported in Senate (RS)]
<DOC>
+Calendar No. 130
119th CONGRESS
1st Session
S. 1555
@@ -16,9 +17,15 @@
May 1, 2025
-Ms. Ernst (for herself and Mr. Coons) introduced the following bill;
-which was read twice and referred to the Committee on Small Business
-and Entrepreneurship
+Ms. Ernst (for herself, Mr. Coons, Mr. Young, and Mr. Hickenlooper)
+introduced the following bill; which was read twice and referred to the
+Committee on Small Business and Entrepreneurship
+
+July 29, 2025
+
+Reported by Ms. Ernst, with an amendment
+[Strike out all after the enacting clause and insert the part printed
+in italic]
_______________________________________________________________________
@@ -30,6 +37,82 @@
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
+<DELETED>SECTION 1. SHORT TITLE.</DELETED>
+
+<DELETED> This Act may be cited as the ``Made in America
+Manufacturing Finance Act of 2025''.</DELETED>
+
+<DELETED>SEC. 2. DEFINITIONS.</DELETED>
+
+<DELETED> Section 3 of the Small Business Act (15 U.S.C. 632) is
+amended by adding at the end the following:</DELETED>
+<DELETED> ``(gg) Small Manufacturer.--The term `small manufacturer'
+means a small business concern--</DELETED>
+<DELETED> ``(1) the primary business of which is classified
+in sector 31, 32, or 33 of the North American Industrial
+Classification System; and</DELETED>
+<DELETED> ``(2) all of the production facilities of which
+are located in the United States.''.</DELETED>
+
+<DELETED>SEC. 3. SMALL BUSINESS ACT LOAN LIMITS FOR SMALL
+MANUFACTURERS.</DELETED>
+
+<DELETED> Section 7(a) of the Small Business Act (15 U.S.C. 636(a))
+is amended--</DELETED>
+<DELETED> (1) in paragraph (3)--</DELETED>
+<DELETED> (A) in subparagraph (A)--</DELETED>
+<DELETED> (i) by inserting ``except as
+provided in subparagraph (B),'' before ``if the
+total'';</DELETED>
+<DELETED> (ii) by striking ``would exceed
+$3,750,000'' and inserting the following:
+``would exceed--</DELETED>
+<DELETED> ``(i) $3,750,000'';</DELETED>
+<DELETED> (iii) in clause (i), as so
+designated, by striking ``, except as provided
+in subparagraph (B);'' and inserting ``; or'';
+and</DELETED>
+<DELETED> (iv) by adding at the end the
+following:</DELETED>
+<DELETED> ``(ii) in the case of a borrower
+that is a small manufacturer, $7,500,000 (or if
+the gross loan amount would exceed
+$10,000,000);''; and</DELETED>
+<DELETED> (B) in subparagraph (B)--</DELETED>
+<DELETED> (i) by striking ``would exceed
+$4,500,000'' and inserting the following:
+``would exceed--</DELETED>
+<DELETED> ``(i) $4,500,000'';</DELETED>
+<DELETED> (ii) in clause (i), as so
+designated, by striking ``section 7(a)(14) for
+export purposes; and'' and inserting
+``paragraph (14) for export purposes; or'';
+and</DELETED>
+<DELETED> (iii) by adding at the end the
+following:</DELETED>
+<DELETED> ``(ii) in the case of a borrower
+that is a small manufacturer, $9,000,000 (or if
+the gross loan amount would exceed
+$10,000,000), of which not more than $8,000,000
+may be used for working capital, supplies, or
+financings under paragraph (14) for export
+purposes; and''; and</DELETED>
+<DELETED> (2) in paragraph (14)(B)(i), by striking ``than
+$5,000,000.'' and inserting the following: ``than--</DELETED>
+<DELETED> ``(I) except as provided
+in subclause (II), $5,000,000;
+or</DELETED>
+<DELETED> ``(II) in the case of a
+loan made to a small manufacturer,
+$10,000,000.''.</DELETED>
+
+<DELETED>SEC. 4. SMALL BUSINESS INVESTMENT ACT OF 1958 LOAN LIMITS FOR
+SMALL MANUFACTURERS.</DELETED>
+
+<DELETED> Section 502(2)(A)(iii) of the Small Business Investment
+Act (15 U.S.C. 696(2)(A)(iii)) is amended by striking ``$5,500,000''
+and inserting ``$10,000,000''.</DELETED>
+
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Made in America Manufacturing
@@ -39,8 +122,8 @@
Section 3 of the Small Business Act (15 U.S.C. 632) is amended by
adding at the end the following:
-``(gg) Small Manufacturer.--The term `small manufacturer' means a
-small business concern--
+``(gg) Small Manufacturer.--In this Act, the term `small
+manufacturer' means a small business concern--
``(1) the primary business of which is classified in sector
31, 32, or 33 of the North American Industrial Classification
System; and
@@ -95,4 +178,88 @@
Section 502(2)(A)(iii) of the Small Business Investment Act (15
U.S.C. 696(2)(A)(iii)) is amended by striking ``$5,500,000'' and
inserting ``$10,000,000''.
-<all>
+
+SEC. 5. INSPECTOR GENERAL ANALYSIS.
+
+Not later than 2 years after the date of enactment of this Act, the
+Inspector General of the Small Business Administration shall--
+(1) conduct an analysis on the cohort of loans made under
+the amendments made by sections 3 and 4 of this Act during the
+1-year period beginning on such date of enactment to
+determine--
+(A) the projected default rate;
+(B) the early default rate; and
+(C) whether the loan limit increases under the
+amendments made by sections 3 and 4 introduce
+additional risk, such as increased default amounts,
+larger guaranty purchase amounts, or other potential
+impacts to the requirement that the loan programs under
+section 7(a) of the Small Business Act (15 U.S.C.
+636(a)) and title V of the Small Business Investment
+Act of 1958 (15 U.S.C. 695 et seq.) operate at no cost
+to the Government; and
+(2) submit to the Committee on Small Business and
+Entrepreneurship of the Senate and the Committee on Small
+Business of the House of Representatives a report regarding the
+analysis under paragraph (1).
+
+SEC. 6. JOB CREATION AND RETENTION REPORT.
+
+(a) Definitions.--In this section--
+(1) the term ``Administrator'' means the Administrator of
+the Small Business Administration;
+(2) the term ``larger loan'' means--
+(A) a loan made or guaranteed under section 7(a) of
+the Small Business Act (15 U.S.C. 636(a)) for which--
+(i) the total amount outstanding and
+committed to the borrower from the business
+loan and investment fund established by the
+Small Business Act (15 U.S.C. 631 et seq.) is
+more than $3,750,000; or
+(ii) the gross loan amount is more than
+$5,000,000; or
+(B) a loan made under section 502(2)(A)(iii) of the
+Small Business Investment Act of 1958 (15 U.S.C.
+696(2)(A)(iii)) for which the gross loan amount is more
+than $5,500,000; and
+(3) the term ``small manufacturer'' has the meaning given
+that term in subsection (gg) of section 3 of the Small Business
+Act (15 U.S.C. 632), as added by section 2 of this Act.
+(b) Annual Reports.--With respect to the year during which this Act
+is enacted, and each of the next 4 years, the Administrator shall
+submit to the Committee on Small Business and Entrepreneurship of the
+Senate and the Committee on Small Business of the House of
+Representatives a report regarding larger loans to small manufacturers,
+broken out by whether the loan was made under section 7(a) of the Small
+Business Act (15 U.S.C. 636(a)) or section 502(2)(A)(iii) of the Small
+Business Investment Act of 1958 (15 U.S.C. 696(2)(A)(iii)), which shall
+include--
+(1) the quotient obtained by dividing--
+(A) the total dollar amount of larger loans awarded
+to small manufacturers during the applicable year; by
+(B) the number of jobs that were created or
+retained by a small manufacturer during the applicable
+year as a result of the receipt of a larger loan; and
+(2) an analysis of whether the award of larger loans to
+small manufacturers prevented the loss of jobs by employees of
+small manufacturers.
+Calendar No. 130
+
+119th CONGRESS
+
+1st Session
+
+S. 1555
+
+_______________________________________________________________________
+
+A BILL
+
+To increase loan limits for loans made to small manufacturers, and for
+other purposes.
+
+_______________________________________________________________________
+
+July 29, 2025
+
+Reported with an amendment

Lobbying activity

Organizations whose LDA filings reference this bill, ranked by filing count. Position not disclosed — LDA does not require lobbyists to report support / oppose / monitor. Bill-number references can be stale (lobbyists sometimes copy text year-over-year), so verify against the filing description.

NATIONAL ASSOCIATION OF DEVELOPMENT COMPANIES
SMB
4
filings · 2026 Q3
LIVE OAK BANK
SMB
3
filings · 2026 Q3
JPMORGAN CHASE HOLDINGS LLC
SMB
1
filings · 2026 Q1
NEXTECH BATTERIES, INC.
SMB
1
filings · 2026 Q1
HARVEST SMALL BUSINESS FINANCE, LLC
SMB
1
filings · 2026 Q1

via Senate LDA · self-reported quarterly. Filing count = filings mentioning this bill (no position required), not money spent on it. Click a client to see all bills they've filed on.

Cosponsors (6)

Members who signed on to support this bill.

Coons D
Young R
Hickenlooper D
Husted R
Cortez Masto D
Scott R