Congress Could Finalize SBA 7(a) Cap Increase Today
The House is expected to vote as soon as today to increase the fiscal 2015 funding cap for the Small Business Administration’s 7(a) guaranteed loan program, which met its statutory limit last week. The Senate has already passed legislation (H.R. 2499) to raise the cap from $18.75 billion to $23.5 billion and to ensure all 7(a) loans are funded for the rest of the fiscal year ending Sept. 30.
The SBA last week suspended the program, which is funded solely by user fees, after it reached its authorized loan limit. If the House approves the increase, President Obama could sign it into law this week, allowing the program to resume loan origination.
ICBA has been working directly with House and Senate Small Business Committee leaders to fast-track the legislation ahead of the August recess, which starts at the end of this week.