CONGRESSWOMAN ELISE STEFANIK
H.R. 5849 is expected to be considered on the floor of the House on Tuesday, July 27, 2010, under a motion to suspend the rules, requiring a two-thirds vote for passage. The legislation was introduced by Rep. Nydia Velazquez (D-NY) on July 26, 2010.
H.R. 5849 would extend through September 30, 2010, the authorization for various programs under the Small Business Act and Small Business Investment Act. The most recent extension of the programs (P.L. 111-162) expires on July 31, 2010.
Congress has recently passed several short-term SBA reauthorizations, most recently on April 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.