Senate Successfully Passes 30-Day Extension of Recovery Act Provisions
Posted on 03. Mar, 2010 by admin in Hamernik Headlines, Industry Insights
The National Association of Government Guaranteed Lenders (NAGGL) just received word yesterday (March 2) that the Senate has passed a temporary 30-day extension of the SBA Recovery Act provisions with a $60 million appropriation. The 30-day extension provides for increased government guarantees (up to 90%) and the elimination of the upfront guarantee fee on SBA loans. Before the extension is effective, the bill must be signed into law by President Obama, which should occur within the next several days. Once that occurs and the temporary extension is law, the SBA will be able to announce details of its implementation plans.
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