3.0.0 3705 2019-11-15T21:59:21Z 2019-11-15T21:59:21Z Senate S S 2008-11-19 110 ssfi00 Finance Committee Senate Standing Referred to 2008-11-19T22:53:19Z 2008-11-19 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S10666-10670) IntroReferral 2008-11-19 Sponsor introductory remarks on measure. (CR S10665-10666) IntroReferral B00100 9 Library of Congress 2008-11-19 Introduced in Senate IntroReferral 10000 9 Library of Congress S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. N Commerce Authorization Depreciation and amortization Depressed areas Economic stabilization Economics and Public Finance Federally-guaranteed loans Fees Finance and Financial Sector Financial crises Government Operations and Politics Government lending Government publicity Housing and Community Development Income tax Losses Rural economic development Small business Standards Tax deductions Taxation Commerce 00 2008-11-19 Introduced in Senate 2009-01-13T21:35:44Z 10 Steps for a Main Street Economic Recovery Act of 2008 - Amends the Small Business Act concerning 7(a) loans (general small business loans) made by the Small Business Administration (SBA) to: (1) increase certain loan amounts; (2) direct the SBA Administrator to establish an optional business size standard for 7(a) loan applicants and for development company loan applicants under title V of the Small Business Investment Act of 1958; and (3) revise provisions concerning the pooling of SBA loans for sale on the secondary market.

Establishes a community express program under which the Administrator may guarantee the payment of principal and interest on loans of up to $150,000 made to small businesses owned and controlled by women, Indian tribes, socially and economically disadvantaged individuals, veterans and reserve members, small businesses located in low- or moderate-income areas or in a special market initiative, and HUBZone (heavily underutilized business zone) small businesses.

Directs the Administrator to: (1) carry out a rural lender and new lender outreach program and guarantee small business loans of up to $500,000 made by such lenders; and (2) establish an online underwriting program guide to develop the lending capacity of such lenders.

Revises provisions concerning the 504 program (SBA financings to small businesses through certified development companies [CDCs]) to: (1) increase maximum loan amounts; (2) include as a program goal the expansion of businesses in low-income communities; (3) allow CDC financings to include a limited amount of other-debt refinancing; and (4) allow the Administrator to guarantee repayment of a limited amount of third party financing obtained by loan pool assemblers, and to issue trust certificates representing all or a part of such guaranteed amount.

Direct the Administrator, during FY2009-FY2010, to collect no lending fees, and reduce other fees, in connection with certain 7(a) and 504 loan programs.

Authorizes appropriations for FY2009-FY2010 for the Microloan program (SBA start-up, acquisition, and expansion loans to very small businesses).

Increases maximum leverage amounts available to small business investment companies.

Directs the Administrator to develop an emergency small business lending advertising strategy to inform small businesses of the availability of loans through lenders participating in SBA programs.

Amends the Internal Revenue Code to revise or add small business tax provisions, including providing for: (1) an extension of a temporary increase in limitations on expensing certain depreciable business assets; (2) a five-year carryback of certain net operating losses; and (3) the temporary suspension of the 90% limit on certain net operating loss carrybacks and carryovers.

Amends the Emergency Economic Stabilization Act of 2008 to include certain trust certificates issued by the Administrator under the 7(a) and 504 loan programs as "troubled assets" (thereby qualifying them under such Act's troubled assets relief program).

]]> 10 Steps for a Main Street Economic Recovery Act of 2008 Short Titles as Introduced 10 Steps for a Main Street Economic Recovery Act of 2008 Display Title 10 Steps for a Main Street Economic Recovery Act of 2008 Official Title as Introduced A bill to amend the Small Business Act and the Small Business Investment Act of 1958 to stop the small business credit crunch, and for other purposes. Introduced in Senate 2008-11-19T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3705is/xml/BILLS-110s3705is.xml 2008-11-19 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S10666-10670) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.