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tagged: Cloture Vote Succeeds on Small Business Jobs & Credit Act (HR 5297)
Posted by admin in Brian's Blog
Moments ago, the US Senate successfully passed cloture with a vote of 61 to 37. Invoking cloture on HR 5297 means that debate can continue on the bill for no more than thirty hours, at which time, a vote will be taken — and only a simple majority will be needed for passage. A summary of the SBA provisions is available at http://www.naggl.org/Content/NavigationMenu/GuaranteedLending/HR_5297_Update.pdf . (Extension of Recovery Act SBA provisions through 12/31/2010; permanent increases the gross and net maximum amount for 7(a) and 504 loans; temporarily increases Express maximum to $1 million for 1 year; establishes the $30 billion Small Business Lending Fund–and many other provisions as detailed in the link above.)
Given recent press comments by Speaker Pelosi, it is expected that the House will take up the Senate version of HR 5297 quickly. We will keep you updated as the bill progresses.
Thank you for your continued support,
Your NAGGL Government Relations Team
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