CONGRESSWOMAN ELISE STEFANIK
S. 1929 is expected to be considered under suspension of the rules, requiring a two-thirds majority for passage. The legislation was introduced by Sen. Mary Landrieu (D-LA) on October 26, 2009. The Senate passed the bill by unanimous consent on October 27, 2009.
S. 1929 extends the authorization of Small Business Administration (SBA) programs through April 30, 2010. The current authorization for the SBA is scheduled to expire on October 31, 2009.
The Small Business Administration (SBA) was created in 1953, and has a current business loan portfolio of roughly 220,000 loans worth more than $50 billion. The SBA has been extended through short-term authorizations since 2007. The most recent was signed into law on September 30, 2009.
The Congressional Budget Office (CBO) has not yet produced a cost estimate for S. 1929.