H.R. XX: To provide for an additional temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958, as amended

H.R. XX

To provide for an additional temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958, as amended

Sponsor
Rep. Nydia M. Velazquez

Date
September 29, 2009 (111th Congress, 1st Session)

Staff Contact
Communications

Floor Situation

H.R. 3614 is being considered under suspension of the rules, requiring a two-thirds vote for passage. The legislation was introduced by Rep. Nydia Velazquez (D-NY) on September 22, 2009, and amended by the Senate on September 25, 2009.

Bill Summary

H.R. 3614 extends the authorization of the Small Business Administration through October 31, 2009.

Background

On September 23, 2009, the House passed H.R. 3614 by a vote of 417-2.  The Senate passed the bill by unanimous consent on September 25, 2009, with an amendment striking sections of the bill dealing with a minor amendment to the "stimulus" bill and limits on venture capital funding.  The bill now under consideration is a clean extension of the SBA.

The current authorization for the Small Business Administration (SBA) is scheduled to expire on September 30, 2009.  Congress has recently passed several short-term SBA reauthorizations.  Most recently, the House passed S. 1513, which extended the authorization through the end of Fiscal Year 2009.

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.

 

Cost

The Congressional Budget Office (CBO) has not yet produced a cost estimate for H.R. 3614.