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Corrected Link to Current Oversight Bill - Congressional Close Up - FY 2017 News
On June 30 NAGGL re-sent members the Congressional Closeup (Issue One, Volume One) with a corrected link to the most current version of the Senate oversight bill. The initial communication erroneously linked to a previous version of the bill (for those who are politically technical- it was the version that was introduced, but not the version that was "marked up," or agreed to, within the Senate Small Business Committee). The link has also been corrected and we are also including it here for ease. The correct version of the bill incorporates a number of additional changes which NAGGL fought for and won prior to the Senate's consideration of the bill.
We also must include a caveat that even this version of the bill as reported out of the Senate Small Business Committee does not include an amendment that was voted on and agreed to as part of this bill, which is the Administrator flexibility language. This language allows the SBA Administrator to increase our authorization cap during threats of shutdown, rather than depend on Congress to pass a law to increase our cap. We are including a link to that language here, but again, as part of a technical, clerical issue on the part of the Senate, it does not appear in the bill as reported.
As always, please let us know if you have any questions or want to discuss any of this with NAGGL via email.
More Congressional Closeups to come in the near future as we continue to break down how the latest Congressional action applies to you. Happy 4th! more >
SBA Final Rule on Affiliation expected "soon"
Information on the federal reginfo.gov site indicates that the Office of Management and Budget (OMB) has completed its review of SBA’s Final Rule on affiliation and NAGGL knows that SBA is working to complete the final internal actions necessary for the rule to be issued. The exact nature of the regulatory change has not been revealed, and no one knows how long the final review and rule issuance process may take. NAGGL will alert members once the Final Rule is published.
On May 26 a bipartisan bill was introduced by Senators David Vitter (R-LA) and Jeanne Shaheen (D-NH) called the Small Business Lending Oversight Act of 2016 with the goal of strengthening and improving the effectiveness of SBA's oversight of the 7(a) program. Get connected and read about it in the NAGGL News Alert >
Accurate summary of bill >
Vitter Successfully Passes 3 Pro-Small Business Bills of Out Committee >
Federal Register - Interim Final Rule on Debt Refinancing in 504 Loan Program
The SBA has published an interim final rule with a request for comments (due by July 25) on debt refinancing rules under the 504 program. The Notice outlines the requirements to be effective as of June 24, 2016 that must be met in order for a 504 project to be eligible for debt refinancing. Get it >
NAGGL's free WEBExpress course on SBA One recording is available at www.naggl.org/sbaone
SBA LIBOR Base Rate = 3.47%
SBA Peg Rate = 2.25% [April 1-June 30]
Prime Rate = 3.50%
SBA FIXED Base Rate = 5.00%
Maximum allowable fixed rates >
Annual Conference on Small Business Lending
October 31-November 2 • Scottsdale, AZ
Before September 2: $1,050 Mbr; $1,550; Non-Mbr; $650 Govt
After September 2: $1,300 Mbr; $2,000 Non-Mbr; $650 Govt
Registration Opens July 6!
Preliminary Agenda Outline >
Fairmont Scottsdale Princess
7575 E. Princess Drive
Scottsdale, AZ 85255
Room Rate: $245
Hotel Cut-Off Date: October 8 (or until sold out)
Online Hotel Reservations >
NAGGL, SBA Launch "Business Smart Toolkit" to Elevate Entrepreneurship in Underserved Communities
NAGGL and the SBA are proud to announce the release of the Business Smart Toolkit, a ready-to-use workshop toolkit that equips and empowers faith based and community organizations to lay the groundwork for helping new and aspiring entrepreneurs launch a business idea and build a business that is credit ready. www.sba.gov/BusinessSmart >