By perksconsulting |
Although it’s no secret that we are currently in the worst economic situation since the Great Depression, there has been little talk about where small businesses come into play. With a recovery and stimulus package of epic proportions being distributed, where is the small business piece of the pie?
- $375 million for temporary fee reductions or eliminations on SBA loans and increased SBA guaranteed shares, up to 90 percent for certain loans
- $255 million for new loan program to help small businesses meet existing debt payments
- $30 million for expanding SBA’s Microloan program, enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders
- $20 million for technology systems to streamline SBA’s lending and oversight processes
- $15 million for expanding SBA’s Surety Bond Guarantee program
- $25 million for staffing up to meet demands for new programs
- $10 million for the Office of Inspector General
Other initiatives planned to give small businesses a hand include: equipment expensing, hiring incentives, capital gains, and microloans. The entire package has one simple goal: create jobs to stimulate the economy. In addition, Karen Gordon Mills has been confirmed as the new SBA Business Administrator. (To find out more about what this appointment means for small business, refer “Remaking America: Karen Gordon Mills, New SBA Administrator,” a previous Perks Consulting blog.)