Political Quotes

“This amendment simply gives the flexibility to the SBA administrator to use leftover funds already appropriated to also go towards a 7(a) and 504 loan program. There is sufficient authorization already in place to cover the expected increase in demand as those turned down for disaster look to other sources for assistance. This amendment does not require that this funding go towards 7(a) in a 504 loan program, it simply provides discretion to the SBA administrator. On line 3 and 4 the amendment clearly states that funds made available to the Small Business Administration from amounts available in P.L. 107-38 may be obligated for emergency expenses and business loan assistance for the purpose of disaster loan programs and also the 7(a) and the 504 programs. We would argue that this is not an open-ended commitment; this is a one-time emergency response to a credit crisis facing small businesses across the Nation. Earlier this month the Federal Reserve released reports which stated that banks are imposing tougher standards on business loans over the last 3 months because of the slowing economy. We need fee relief in the 7(a) and 504 loan programs in order to get our economy back on track.”