Late Saturday evening, Congress passed a 45-day Continuing Resolution (CR) that averted a government shutdown, and was signed by the President just prior to the midnight deadline. This last-minute Congressional action was a profound shift from the forecasting over the last several weeks and even the beginning half of yesterday when a shutdown looked inevitable.
The CR will fund the federal government at the FY23 authorization levels through November 17, 2023, and provide more time for both parties to continue to negotiate the FY24 spending package. By November 17, either another CR or a full year FY24 funding package will need to be passed to avoid another shutdown.
With funding secured for another 45 days, SBA, the 7(a) Loan Program, and the Secondary Market Guarantee Program will be able to continue operations and funding as the new fiscal year gets underway. NAGGL will provide a more detailed briefing on the CR in the days to come.
