After many delays, the Senate is now again considering important small business and tax relief legislation. Substitute Amendment (#4519) to H.R. 5297, the Small Business Jobs Act of 2010 offered by Senators Reid, Baucus and Landrieu, is on the Senate floor for debate and votes TODAY.
This important legislation would extend the Small Business Administration Dealer Floorplan Financing Program to three years, increase SBA loan caps for dealer floorplan financing to $5M, eliminate SBA fees, and make other improvements that will enhance credit availability for floorplans and other business credit. The legislation also includes more than $12 Billion in Small Business Tax Relief, as well as an NMMA-backed Small Business Lending Fund that would make available $30B for small business lending.
NMMA strongly supports this legislation and urges you and your members to write to your Senators ASAP to express your support and urge final passage TODAY. Time is running out on this bill before the Congressional recess.
Please feel free to utilize NMMA’s grassroots action toolkit here:
Senate Substitute Amendment #4519 to H.R. 5297 includes language that would:
1. Enhance the SBA Dealer Floorplan Financing Program and extend the program to three years, providing banks and lenders increased certainty and incentives to participate in the program;
2. Increase SBA 7(a) loan caps from $2M to $5M, including for floorplan credit;
3. Increase SBA 504 loans from $1.5M to $5.5M and micro-loans from $35,000 to $50,000, and increases SBA Express Loans for working capital from $300,000 to $1M;
4. Provide a 100% advance rate for floorplan loans;
5. Create equity for floorplan loans between all product sectors;
6. Extend elimination of SBA 7(a) and 504 loan fees;
7. Create a Small Business Lending Fund of $30B to incent community banks to provide small business with increased lending;
8. Provide more than $12B in small business tax cuts, including extending Sec. 179 expensing to $250,000, bonus depreciation, and a carryback of general business credits to 5 years, among other provisions;
9. Provide assistance for export and international trade promotion for small businesses.
Mathew P. Dunn
Legislative Director, Government Relations
National Marine Manufacturers Association
(202) 737-9760 (o)
(202) 731-0503 (m)
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