WASHINGTON–President Obama has signed into law HR 2499, which raises the statutory cap on the Small Business Administration’s 7(a) business loan program, which hit its $18.75 billion ceiling last week.
The House cleared the bill by a voice vote Monday before adjourning for the night; it had already been approved by the Senate. The legislation will raise the ceiling to $23.5 billion for fiscal 2015.
The SBA had reported that, due to stronger-than-anticipated demand for 7(a) loans, the program ran out of money last Thursday with more than two months left in the current fiscal year.