Time Table for Small Biz Stimulus
The chairman of the House Committee on Small Business yesterday urged the new head of the Small Business Administration to try to jump-start lending by using provisions in the economic stimulus bill that so far have sat idle.
“With every day that goes by, viable small businesses are being forced to close,” Rep. Nydia M. Vel?zquez (D-N.Y.) wrote in a letter to SBA Administrator Karen Gordon Mills, who was confirmed last week. “Without the lifeline that this program can provide to small businesses, our economic recovery will be slowed.”
All businesses need money to start and grow. This makes me think there will be a delay for the average entrepreneur!
One item authorized by the stimulus bill, the Business Stabilization Loan Program, provides for loans of up to $35,000 to small businesses so they can make payments on their outstanding debt. The loans would be 100 percent guaranteed by SBA. The stimulus package also authorized the SBA to guarantee pools of small-business loans held by broker-dealers, and to set up a new program to help inject more money into lending markets.
Congress set timetables for certain programs to get up and running — anywhere from 15 to 30 days.
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