Thursday, March 11, 2010

ALERT Senate Votes, Extend SBA Recovery Act to 12/31

Please see below for the National Association of Government Guaranteed Lenders information to members. As you all know Small Business California and the National Small Business Association have been working closely with NAGGL to get this funding.

We now ask Speaker Pelosi and all members of the California House delegation to support passage quickly of HR 4213.

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

Senate Passes HR 4213, Includes NAGGL-Originated Amendment to Extend & Fund SBA Recovery Act Provisions through CALENDAR Year

March 10, 2010

Dear Members,

Just moments ago the Senate passed HR 4213, To amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes -- more commonly called the 'Tax Extenders Bill' to extend jobless benefits, tax breaks... and small business programs.

The bill includes an amendment sought by NAGGL that increases the amount of funding to further extend the SBA Recovery Act provisions. NAGGL argued that the additional $354 million proposed in earlier legislation would likely not support SBA lending stimulus provisions through even the end of the fiscal year.

Senators Mary Landrieu (D-LA) and Snowe (R-ME) (the Chair and Ranking Member of the Senate Committee on Small Business & Entrepreneurship) concurred with NAGGL. As part of a technical amendment, the Senate has increased the funding to $560 miliion (in addition to the $60 million for March). The $620 million total should be sufficient to get the SBA lending industry through the end of the CALENDAR year. The bill also includes an extension of the authorization of the SBA Recovery Act provisions through 12/31/2010.

What's next? HR 4213 now goes to the House for consideration. NAGGL is hopeful that all congressional work will be completed and the bill signed into law by the March 28 expiration of the recently extended stimulus provisions.

Thank you for your continued support. We'll keep you updated on and through email alerts.

Anthony R. Wilkinson
& Your NAGGL Team

215 East 9th Avenue
Stillwater, Oklahoma 74074

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