She said "All eyes are on Congress this week to see if critical business legislation is passed by this Thursday before Congress takes its August break (8/9-9/10)."
Originally the extension of SBA loan fee waivers were also included in HR 4213; its primary purpose was extending unemployment benefits. But it was stripped from that legislation at the last minute.
"HR 5297," she said, "the small business lending fund bill, was amended on Thursday with SA 4500 (co-sponsors include our two Senators). On Thursday, Senate invoked cloture on SA 4500 to move this to the floor for a vote. All hopes are that Senate will vote on Tuesday, tomorrow. If passed by the Senate, this amended version goes back to the House, which has already approved this legislation. If the House approves, this goes for final signature by the President."
This legislation includes:
- The increase on the SBA 7A guarantee to 90% through 12/31/10.
- The maximum loan amounts under the 504 program to $5,000,000 and $5,500,000. This is an increase from $1,500,000 and $2,000,000.
- Extension of the ARRA temporary fee waiver to 12/31/10.
- Allowing straight refinance under the SBA 504 program not linked to any expansion.
- Extension of the SBA Secondary Market ending date