S. 3253: Temporary extension of programs under the Small Business Act and the Small Business Investment Act

S. 3253

Temporary extension of programs under the Small Business Act and the Small Business Investment Act

Sponsor
Sen. Mary L. Landrieu

Date
April 27, 2010 (111th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

S. 3253 is expected to be considered on the floor of the House on Tuesday, April 27, 2010, under a motion to suspend the rules, requiring a two-thirds vote for passage. The legislation was introduced by Sen. Mary Landrieu (D-LA) on April 22, 2010. The Senate passed the bill by unanimous consent on the same day.

Bill Summary

S. 3253 would extend Small Business Administration (SBA) programs through July 31, 2010. SBA authorization is scheduled to expire on April 30, 2010, under current law.

Background

The current authorization for the Small Business Administration (SBA) is scheduled to expire on April 30, 2010. Congress has recently passed several short-term SBA reauthorizations, most recently on January 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.

Cost

CBO has not yet produced a cost estimate for S. 3253.