Wednesday, December 22, 2010

Short Term Spending Bill/ 504 Loans

The Senate & House passed a short-term spending measure to keep the federal government running through March 4, 2011 yesterday evening. The extension of SBA lending incentives including SBA fee waivers and higher guaranty for 7a loans is included - through March 4, 2011 or until funding is expended - whichever occurs first.

We expected this but it is now finalized. Had this not occurred SBA lending would have fallen off the cliff in January.

Part of the Small Business Jobs bill also included the ability to refinance 504 loans.

Unfortunately the regulations haven't been written and we have lost three months. Indications are they will be written in January but I know of a number of small businesses who has their loans being held up.

All the best to all of you during the Holidays and Small Business California and I look forward to a productive year in 2011.

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

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