Chabot Small Business Legislation Passes House; President Expected to Sign Into Law
The House of Representatives today passed legislation sponsored by Congressman Steve Chabot (R-Cincinnati) to extend the authorization for the Small Business Administration (SBA) and it's critical business lending programs through July 31 2007. Funding authorization for the SBA expired on February 3rd of this year.
"It is important that we were able to get this legislation passed early in this new Congress and in a bipartisan manner," Chabot stated. "Now businesses will know that these Small Business Administration programs will be available for the coming months as we work to pass a long-term reauthorization.
Chabot's legislation was cosponsored by the new Chairwoman of the House Small Business Committee, Nydia M. Velбzquez (D-New York), and received strong bipartisan support. The legislation originally passed the House on January 17 by a 413-2 vote. On February 1, the Senate passed an amended version limiting the SBA reauthorization until the end of July. Today, the House again passed Chabot's bill, accepting the Senate changes. The legislation will now be presented to the President to be signed into law.
Some of the programs reauthorized include the 7(a) loan program, the SBA's most basic and widely used guaranteed loan; the Certified Development Company/504 loan, which provides long-term, fixed rate loans to support local economic development; the Section 8(a) program, a business development program created to help small disadvantaged businesses compete and access the federal procurement market; support for women and veteran owned small businesses; and other programs created to improve access to capital, especially for small business start-ups.