Friday, February 12, 2010

Breaking News SBA Funding Stripped from Baucus/Grassley Jobs Bill

In a real shock yesterday Senator Harry Reid stripped the Baucus/ Grassley bill of the $354 million for extending money for the 7a and 504 increase guarantees and the waiver of fees.

This after the White House applauded Senators Baucus and Grassley for working out a bipartisan jobs bill.

As I understand it the Senate will be in recess next week and the funding will run out at the latest February 28. I say at the latest February 28th because it is very possible there will be a rush to get loans approved before February 28 and I am hearing that it is more likely that funding will run out earlier.

I will get back to you with a strategy on what you might be able to do but if you have a pending loan push your Bank hard to get this funded immediately.

Small Business California will be sending a letter to Senators Feinstein and Boxer to ask them to do everything they can to get funding extended. They have been very supportive of this and both coauthored S2869 which provided the funding and an increase in SBA loan size from $2 million to $5 million.

Our survey received over 500 responses yesterday bringing the total responses to over 2000.

Scott Hauge
Small Business California
2311 Taraval Street
San Francisco, CA 94116

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