Late last evening, United States Senator Mary L. Landrieu [D-La., pictured], chair of the Senate Committee on Small Business and Entrepreneurship, commented on passage of the extension of several American Recovery and Reinvestment Act [ARRA] provisions that were set to expire on April 30, 2010. The extension provided $80 million to extend the higher guaranty for 7[a] loans, plus fee waivers for borrowers of 7[a] and 504 Small Business Administration [SBA] loans.
These measures complement recently enacted small-business tax incentives included in the HIRE Act -- such as the new-hire payroll tax exemption, and the extended section 179 small-business expensing provision. The Senate voted 59-38 to extend the provisions that eliminated borrower fees for small businesses looking to grow their companies through May 31, 2010.
"The Recovery Act provisions extended tonight will continue to free up credit for small businesses looking to expand, hire new workers or upgrade equipment," said Sen. Landrieu. "I applaud my colleagues in Congress for recognizing the success of these lending programs, and thank them for their continued support of small businesses across the country. Ranking Member Olympia Snowe [R-Maine] has shown her commitment to true bipartisanship for the good of small businesses still struggling to stay afloat.
"As we continue to support America’s entrepreneurs, we must continue to look at a longer-term extension of these provisions to continue this country’s small-business growth. The Small Business Committee has a package of proposals that have passed the Committee by wide, bipartisan margins, and we will continue to work on their inclusion in the next jobs bill debated by the Senate and urge their swift adoption."
SOURCES: Internal Revenue Service, U.S. Senate Committee on Small Business and Entrepreneurship, U.S. Small Business Administration
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