SBA Recovery Act Provisions Extended to April 30
Yesterday new legislation was introduced and passed by the House of Representatives (HR 4938), followed late last night by approval in the Senate.The measure (HR 4938) that extends the Recovery Act SBA loan provisions through April 30: Up to $40 million is available for 7(a) and 504 fee reductions/waivers and the 90% 7(a) guarantees, as well as extension of SBA's authority to provide the higher guarantee (up to 90%).
Friday, March 26, 2010
Wednesday, March 10, 2010
Senate passage of HR 4213
Just moments ago the Senate passed HR 4213, To amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes -- more commonly called the 'Tax Extenders Bill' to extend jobless benefits, tax breaks... and small business programs.
The bill includes an amendment that increases the amount of funding to further extend the SBA Recovery Act provisions. As part of a technical amendment, the Senate has increased the funding to $560 miliion (in addition to the $60 million for March). The $620 million total should be sufficient to get the SBA lending industry through the end of the CALENDAR year. The bill also includes an extension of the authorization of the SBA Recovery Act provisions through 12/31/2010.
What's next? HR 4213 now goes to the House for consideration. We are hopeful that all congressional work will be completed and the bill signed into law by the March 28 expiration of the recently extended stimulus provisions.
The bill includes an amendment that increases the amount of funding to further extend the SBA Recovery Act provisions. As part of a technical amendment, the Senate has increased the funding to $560 miliion (in addition to the $60 million for March). The $620 million total should be sufficient to get the SBA lending industry through the end of the CALENDAR year. The bill also includes an extension of the authorization of the SBA Recovery Act provisions through 12/31/2010.
What's next? HR 4213 now goes to the House for consideration. We are hopeful that all congressional work will be completed and the bill signed into law by the March 28 expiration of the recently extended stimulus provisions.
Wednesday, March 3, 2010
30 Day Extension of SBA Recovery Act
The Senate has passed a temporary 30-day extension of the SBA Recovery Act provisions with a $60 million appropriation.
The 30-day extension provides for increased government guarantees (up to 90%) and the elimination of the upfront guarantee fee on SBA loans. Before the extension is effective, the bill must be signed into law by President Obama, which should occur within the next several days.
The 30-day extension provides for increased government guarantees (up to 90%) and the elimination of the upfront guarantee fee on SBA loans. Before the extension is effective, the bill must be signed into law by President Obama, which should occur within the next several days.
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