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Senate advances small-business bill

A final vote may come soon on a bill designed to give struggling small-business owners a financial lifeline.

On Tuesday, Sept. 14, the U.S. Senate voted 61-37 to invoke cloture and limit debate on a substitute amendment to HR5297. Mike Joyce, OOIDA’s director of legislative affairs, told Land Line that this now clears the way for a final vote on the small-business bill expected later this week.

The bill was passed by the U.S. House back in June, but stalled in the Senate just prior to its August recess.

The bill includes a $30 billion Small Business Lending Fund, designed to get money flowing into the hands of small-business owners. The bill also includes approximately $12 billion in tax relief.

Recently, Paul G. Merski, senior vice president and chief economist for the Independent Community Bankers of America, told Land Line that the $30 billion lending fund may lead to $300 billion in lending and is targeted at community banks with $10 billion or less in assets that typically work with small businesses, including truckers.

Joyce said once approved by the Senate, the bill w ould head to the House for approval of changes before it is sent to the president for his signature.

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