CONGRESSWOMAN ELISE STEFANIK
A House amendment to S. 3839 is expected to be considered on the floor of the House on Tuesday, Septemer 28, 2010, under a motion to suspend the rules, requiring a two-thirds majority vote for passage. The legislation was introduced on September 24, 2010 by Sen. Mary Landrieu (D-LA) and approved in the Senate by Unanimous Consent the same day.
S. 3839 would temporarily extend through January 31, 2011, the authorization for various programs under the Small Business Act and Small Business Investment Act. The most recent extension of the programs expires on September 30, 2010. The House amendment will modify the extension date to December 3, 2010.
Congress has recently passed several short-term SBA reauthorizations, most recently on July 27, 2010. The SBA was created in 1953 to aid, counsel, and assist small businesses. The SBA operates various programs and maintains a current business loan portfolio of roughly 220,000 loans worth more than $50 billion, which makes it the largest single financial backer of U.S. businesses.
The Congressional Budget Office has not yet produced a cost estimate for this bill as of press time.