by John King on July 30, 2010
Small Business Lending Bill
The “Small Business Lending Bill” aka “The Small Business Jobs Act” has not passed yet.
(Here is a quick rundown of what it means to SBA Lending: SBA HR 5297).
Republicans and Democrats are still fighting about the number of amendments that are attached to the bill and if the information I’ve heard is correct, it came down to the Republicans wanting 4 amendments to HR 5297 and the Democrats only wanting to allow 3.
Now, I know it is not that simple - far from it - but if both sides are in agreement that the bill is truly good for our country and there seems to be such widespread support for it then hopefully they can find a way to get it done.
We’ll see.
A complete summary of the bill on the United States Senate website can be found here
by John King on July 15, 2010
SBA 7a and 504 Fee Waivers
Funds for SBA 7a and 504 fee waivers that were part of the Recovery Act expired on May 31st and the proposed legislation to extend it is unlikely to pass.
H.R. 4213 (or the “Extender Bill” as it has been called) passed in the House, but the Senate didn’t vote on it since it includes other spending items like tax deductions and unemployment benefits. It remains to be seen if the bill can be passed or if the fee waivers will be added to other legislation.
The waivers have been important part of the increase in SBA lending over the first half of this year and they have saved business owners a lot of money, but since SBA fees are financed into a loan they are not as crucial to someone seeking financing as they are not an up front/out of pocket expense.
As a result of the fee waiver expiration, the SBA Loan “Recovery Queue” has been reactivated for those who hope to sidestep the fees should the bill pass.
A more promising bill is HR 5297 since it includes a refinance provision as well as much larger loan amount limits.