    [Public Papers of the Presidents of the United States: William J. Clinton (1999, Book I)]
    [April 2, 1999]
    [Pages 493-494]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on Signing the Small Business Year 2000 Readiness Act
    April 2, 1999

        Today I am pleased to sign into law S. 314, the ``Small Business
    Year 2000 Readiness Act.''
        In 9 months we will enter the new millennium. We have made
    tremendous progress in our efforts to address the Year 2000 (Y2K)
    computer problem. In spite of this progress, however, too many
    businesses, especially small- and medium-sized firms, will not be ready
    unless they act immediately.
        This week, the Small Business Administration (SBA), the Department
    of Commerce, the Department of Agriculture, and other Federal
    departments and agencies of the President's Council on Year 2000
    Conversion are sponsoring ``Small Business Y2K Action Week.'' At
    hundreds of Y2K seminars and training events across the country, these
    agencies are educating small businesses on the steps necessary for
    achieving Y2K compliance.
        The message we are delivering to small businesses at these events is
    that every small business must take responsibility for making sure it is
    ready for the Year 2000 by taking action now. Every business should
    assess its exposure to the Y2K problem, ask its vendors and suppliers to
    be ready as well, and develop contingency plans in case its own critical
    systems or the systems of its vendors fail as we move into the Year
    2000.
        The legislation I am signing today will help ensure that the
    Nation's small businesses have access to the capital they need to be
    ``Y2K-OK'' in the Year 2000. The Act will authorize the SBA to provide
    loan guarantees for two Y2K

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    purposes. First, it will enable small businesses to purchase the
    systems, software, equipment, and services necessary to become Y2K
    compliant. Second, it will assist small businesses that suffer economic
    injury as a result of the Y2K problem during the Year 2000. Authority
    for this special program will terminate on December 31, 2000.
        I want to especially recognize the job that Administrator Aida
    Alvarez and the Small Business Administration
    have done in ensuring that the Nation's small business community is
    ready to meet the Y2K challenge. Through its leadership of Small
    Business Y2K Action Week, and its other extensive outreach efforts, the
    SBA has done an excellent job of raising the awareness of small
    businesses concerning the Y2K challenge. I would also like to thank the
    Congress for acting swiftly this session to ensure that we have this
    additional tool for assisting small businesses in their efforts to
    address this problem.
        The Nation's small businesses are the backbone of our country's
    vibrant and growing economy. In signing S. 314 today, I hope to ensure
    that our small business community will move into the Year 2000 with
    minimal disruption to our Nation's economy.

                                                          William J. Clinton

    The White House,

    April 2, 1999

    Note: S. 314, approved April 2, was assigned Public Law No. 106-8.