WASHINGTON – Just a day after the Senate passed its version, Senate and House leaders have reached an agreement on a $789.5 billion they hope will help jumpstart the economy.
The measure, which must go back to the House and then the Senate, includes fewer tax cuts than were in the Senate version and less aid to state governments and less funding for health insurance for the unemployed than in the original House version. The compromise includes more money for school construction.
The bill would increase the percentage of SBA 7(a) loans that are guaranteed by the government. Currently, the range is between 50% and 80% and that good go up to a maximum of 95%. The percentage of a loan that is backed by the SBA doesn't count against a credit union's member business loan cap.
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