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SBA Rule Implements Small Business Job Act Amendments

The Small Business Administration has issued an interim final rule implementing Section 1122 of the Small Business Jobs Act of 2010 (P.L. 111-240), which authorizes projects approved for financing under Title V of the Small Business Investment Act to include the refinancing of qualified debt. SBA's 504 Loan Program is a long-term financing tool for economic development that provides small businesses with long-term, fixed-rate financing to help acquire major fixed assets for expansion or modernization. The SBJA temporarily expands, for two years, the ability of a small business to use the 504 Loan Program to refinance certain qualifying existing debt. Refinancing of debt would be allowed where there is no expansion of the small business concern. SBA has determined this refinancing program will initially apply only to loans maturing on or before December 31, 2012, to assist those small businesses most in need with the limited resources available. This interim final rule revises the existing 504 Loan Program rules at SBA 120.130, SBA 120.882, and SBA 120.884 to make them consistent with Section 1122 of the SBJA. Comments on the rule, identified by RIN 3245-AG17, will be accepted until May 18, 2011. For the text of this interim final rule, which is effective February 17, 2011, see 70,425.422.




(The news featured above is a selection from the news covered in the Government Contracts Report Letter, which is published weekly and distributed to subscribers of the Government Contracts Reporter. )


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