The new stop-gap Continuing Resolution (CR) to avert another government shutdown before the next funding deadline of November 17 has passed both the House and the Senate, and is now headed to the President’s desk to be signed into law.
Over the weekend, Speaker Johnson announced a two-step CR plan to keep the government open which passed successfully out of both Chambers late last night. Once signed by the President, the CR will extend one group of appropriations bills through January 19, while the second grouping of appropriations bills will be extended through February 2. The Financial Services and General Government (FSGG) appropriations bill, which includes SBA operational funding, the 7(a) Loan Program authorization, and the Secondary Market Guarantee Program (SMGP) authorization, is included in the February 2 group.
This comes as the second CR for FY24 and allows for continued negotiations on a full-year FY24 funding package. More specifically, this CR continues to allow for 7(a) lending and SMGP pooled sales to continue operations, with both programs required to operate under daily caps prorated based on FY23 authorization levels.
