Wed 3 Mar 2010
President Obama signed into law a temporary 30-day extension of the SBA Recovery Act
Posted by Kenny Leonard under Banking, Small Business
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Kenny Leonard
Late last night the Senate passed and this morning President Obama signed into law 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. We are now waiting for the SBA to announce details of its implementation plans.
Because of the limited 30-day extension this does little to cover clients that are early in the SBA process but does help those that have SBA applications that are submitted and awaiting approval and for those that are within a week or two of filing. We are encouraged by the Senate’s action and look for further SBA appropriations and enhancements in upcoming Senate bills that will extend these provisions through the end of the year.
To learn more about pending legislation for further SBA appropriations and enhancements, click here.
Stay tuned…
