Especially in the current economy, NSCA is helping members identify revenue opportunities and take advantage of the programs created through the stimulus plan. Below are highlights of the plan, including details and links to more information on everything from small business assistance to new commercial projects.
Last updated: 12-15-09
Small Business Help From Unlikely Source: Congress
With Congress expected to finalize the $446 billion Omnibus bill for the 2010 budget early this week and the 2010 Defense budget at the end of this week, healthcare reform, Card Check and other important issues could be delayed even longer. However, laws to help small business overcome a challenging year are currently available.
As an extension to the stimulus package passed earlier this year, certain measures have been extended to improve both the economy and jobs. H.R. 3548 Worker, Homeownership and Business Assistance Act of 2009.
Last updated: 11-02-09
The U.S. House of Representatives passed HR 3854 last week in an effort to improve access to federal loan programs for small businesses and boost the worst unemployment rate in history. This bill would improve the 7(a) loans from $2 million to $3 million for investing in machinery, equipment, land and buildings. Additionally, the Small Business Administration’s (SBA) 504 loans would also see a cap increase of up to $25 million for some industries.
For more information on HR 3854, click here.
Last updated: 3-10-09
The recently passed HR 1, The American Recovery and Reinvestment Act of 2009 (ARRA), contains a variety of funding, credits and savings for small businesses, as well as opportunities for the commercial electronics systems industry to participate in new construction, renovation and repair projects. Assistance ranges from small business loans to grants and funding for educational facilities constructions. Click on the links below to learn more, and check back often as more news and information will be updated on a regular basis.
- Recovery.org
Information on how the Act is working, tools to help you hold the government accountable, and up-to-date data on the expenditure of funds. - Opportunities by Agency
Individual Web pages for the departments and agencies receiving funds from the Act, including how they are spending the funds allocated to them by the ARRA. - Opportunities by State
Individual state Web pages detailing how they are spending the funds allocated to them by the ARRA.
Last updated: 6-26-09
Small Business Administration (SBA)
The ARRA bill provides $730 million to the SBA and changes the agency’s lending and investment programs so it can reach more small businesses that need help. The funding includes:
- $375 million for temporary fee reductions or eliminations on SBA loans and increased SBA guaranteed shares, up to 90 percent for certain loans
- $255 million for a new loan program to help small businesses meet existing debt payments
- $30 million for expansion of the SBA’s Microloan program, enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders
- $20 million for technology systems to streamline SBA’s lending and oversight processes
- $15 million for expansion of the SBA’s Surety Bond Guarantee program
- $25 million for staffing up to meet demands for new programs
- $10 million for the Office of Inspector General
Small Businesses See Change in Lending Standards
In an effort to increase the number of small businesses eligible for federal assistance, the Small Business Administration (SBA) announced a change in the lending standards defined for small businesses applying for loans through the SBA 7(a) lending program. From now until September 2010, businesses with less than $3 million in annual income and a net worth of less than $8.5 million will qualify for the loans. For more information click here.
Grow Your Business, Gain Stability
Small businesses seeking to expand will be able to refinance existing loans used to purchase real estate and other fixed assets as a result of permanent changes to the U.S. Small Business Administration’s 504 Certified Development Company loan program. The changes were authorized in the American Recovery and Reinvestment Act of 2009.
The permanent changes will allow small businesses to restructure eligible debt to help improve their cash flow which, in turn, will enhance their viability and support growth and job creation. The 504 loan program can be used to purchase business real estate or fixed assets, such as heavy equipment or machinery, and expand current development projects.
For more information, click here.
Department of Education
U.S. Secretary of Education, Arne Duncan, announced that $44 billion in stimulus funding from the ARRA will be available to states in the next 30 to 45 days. The first round of funding will help avert hundreds of thousands of estimated teacher layoffs in schools and school districts while driving crucial education improvements, reforms and results for students.
By the end of March, governors will be able to apply for 67 percent of the State Fiscal Stabilization Funds (SFSF) and discretionary SFSF, totaling $32.5 billion. These funds will be released within two weeks after approvable applications are received.
In the next 30 days, nearly $700 million more will be available for various programs including vocational rehabilitation state grants and impact aid construction, Duncan said. Another $17.3 billion for Pell Grants and work-study funds is available for disbursement for the next academic year beginning July 1.
Additional information on grants or federal government opportunities include: