President Obama signed the Small Business Jobs Act of 2010 on September 27. It will provide critical resources to help small businesses continue to drive economic recovery and create jobs.The new law extends SBA Recovery loans and offers billions in lending support and tax breaks. This Fact Sheet explains what's in the new law.
SBA Mortgage Relief Program to Small Businesses
The Small Business Administration is offering a program that will help small businesses facing maturity of commercial loans or balloon payments refinance their mortgage debt.
The temporary program will permit business owners to use a version of SBA’s 504 loan program to refinance mortgage loans that would mature before December 31, 2012. Applications will be accepted starting February 28, 2011 until September 27, 2012.
Congress authorized the SBA to approve $15 billion in loans under this program, $7.5 billion this year and $7.5 billion in 2012. SBA estimates that the program will benefit up to 20,000 businesses in the U.S., up to 5000 of them in California.
Download a Fact Sheet about 504 Loan Refinancing For Eligible Small Business Assets Under the Jobs Act here.
FDIC opens hotline for small businesses
The Federal Deposit Insurance Corp. launched a hotline on January 13, 2011 that enables small businesses to express concerns or complaints about the availability of bank credit. The hotline is (855) 334-2249. Information related to credit programs, SBA, the hotline, and submission forms can be found at www.fdic.gov/smallbusiness.
The Congressional Research Service prepared this Information Gateway for Members of Congress in January 2010. It provides guidance and online procurement procedures for doing business with the federal government.