Senate Temporarily Extends Recovery Provisions

WASHINGTON, March 2 /PRNewswire-USNewswire/ -- U.S. Senate Committee on Small Business and Entrepreneurship Chair Mary L. Landrieu, D-La., today praised the Senate's temporary extension of two important provisions enacted in the American Recovery and Reinvestment Act: increased government guarantees and eliminated fees on small business loans. The programs were extended for 30 days.

"Despite the repeated opposition from one Republican senator, it is good that this vital bill has passed. In addition to extending basic benefits for out-of-work families, the bill temporarily extends successful Recovery Act provisions. The increased government guarantees and eliminated fees have worked - adding $18.2 billion in lending to more than 40,000 small businesses and small businesses have reported that the provisions will save or create more than 500,000 jobs. Extending these important provisions is a good first step to providing our small businesses with the tools they need to keep their doors open and grow. I look forward to working with my colleagues in the Senate to ensure these programs receive a longer extension."

Chair Landrieu, along with Ranking Member Olympia Snowe, included an extension of these provisions as part of S. 2869, The Small Business Job Creation and Access to Capital Act, which passed the Committee in December. To read more about the bill, please click here.

SOURCE U.S. Senate Committee on Small Business & Entrepreneurship

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