A Morning Shutdown as Congress Passes Last Minute CR After Midnight Deadline and Awaits Biden Signature
In another abrupt turn of events, the House passed a Continuing Resolution (CR) on Friday evening, the Senate passed the bill early Saturday morning after missing the midnight deadline, and now the bill is expected to be signed by President Biden this morning, according to the White House. The new CR is effective when it is signed by the President.
This latest CR is a simplified version from the bipartisan agreement that was reached earlier this week, but which was renegotiated after President-elect Trump expressed his opposition. In particular, this CR includes an extension of funding to March 14, 2025, as well as $110 billion in disaster aid and a one-year farm bill extension. Notably, it does not include an extension of the debt ceiling, which is a component of the deal that Trump asked to be included.
While SBA had sent out information via email to lenders earlier this week regarding treatment of the Secondary Market during a shutdown and then again last night from the Office of Financial Assistance (OFA) regarding E-Tran and CAFS operational capacity during a shutdown, there are also reports that the White House stopped shutdown procedures given that the shutdown would only last for a minimal duration this morning. If lenders experience any impact on operations, please let us know by reaching out to [email protected].
