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Additional Temporary Extension of Small Business Programs

Date: May 20, 2008
Location: Washington, DC
Issues: National Security


ADDITIONAL TEMPORARY EXTENSION OF SMALL BUSINESS PROGRAMS -- (House of Representatives - May 20, 2008)

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Ms. VELÁZQUEZ. Madam Speaker, I yield myself as much time as I may consume.

Madam Speaker, today we will consider a short-term extension for programs in the Small Business Act and Small Business Investment Act. The measure extends the authorization of the Small Business Administration and these programs through March 20, 2009. This measure will ensure continued operations at the agency.

The legislation comes before us at a time when the American economy is facing many challenges. Fallout from the subprime crisis is driving a tightening of the credit market, the average price of a gallon of gas is almost $4, and unemployment is rising.

Entrepreneurs can help reverse these trends, if they have the proper tools. Throughout the 110th Congress, the Committee on Small Business has been working to improve and revitalize the economic environment for business activity. With nearly 20 bills passed out of the House, these reforms have been a collaborative and bipartisan effort. With the input of Ranking Member Chabot and other Members of this body, this has included major changes to SBA programs which affect millions of small businesses.

We have already passed measures into law that will help small businesses cope with rising energy costs, as well as become part of the solution. The President also signed a bill earlier this year that provides needed assistance to veteran business owners. And just last week, the House and Senate cleared a package to strengthen the SBA's disaster relief initiatives, which failed so many Americans during Hurricane Katrina.

The House has also reported legislation that is awaiting Senate action. These include reforms to streamline the SBA access to capital initiatives, improve contracting opportunities, and increase the outreach of entrepreneurial programs. We will continue working with the Senate to get these reforms signed into law.

This extension would allow the chamber to move its own versions, setting the groundwork so we may work out any differences. In the interim, and in the midst of a weakened economy, it is essential that these programs continue to serve small firms. The SBA is the sole Federal agency charged with assisting these entrepreneurs, and this bill allows the agency to continue to meet their needs.

I urge support of the bill.

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