John Kerry: “let me say quickly I thank my colleagues, and I thank Senators Snowe and Landrieu and Vitter for their work on this…”

“let me say quickly I thank my colleagues, and I thank Senators Snowe and Landrieu and Vitter for their work on this amendment. I think the Senate has made a very important statement today about what can be done and what we need to do to respond immediately to the small business needs with respect to Katrina and people impacted across the country. This amendment details virtually everything in the Kerry-Landrieu amendment, from disaster loan deferments to financial assistance for small businesses and farmers struggling to afford the high prices of gasoline, natural gas, and heating oil. It expands on assistance to small businesses that have SBA 504 loans for buildings or equipment, or for those who will need them. It includes agreed upon language to make sure the money is appropriated to carry out the assistance. And it retains a critical grant program to the states to get money into the hands of small businesses that need immediate access to capital to stay afloat until they get other more comprehensive loans or insurance reimbursements. For all the good this amendment will do, I am disappointed that two very important provisions were not included. I am against taking out the funding for the Federal government's largest small business loan program, the 7(a) Loan Guarantee Program, that would reduce fees on borrowers and lenders.…”