Mon 29 Mar 2010
SBA Legislative update
Posted by Mike Chatas under Banking, Small Business
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Mike Chatas
We received some good news from NAGGL late last week. On March 26th it was reported that 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%).
I remain cautiously optimistic that these provisions will be approved through December 31, 2010, but nothing is certain. Because it’s an election year, some lawmakers are reluctant to vote on additional spending. While loan demand remains quite high here at USFC, we encourage you to contact Kenny Leonard or me to discuss how you can take advantage of these subsidies.
Check out the full details here.
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