President Obama signed a bill authorizing an additional $125 million in loans for the Recovery and Reinvestment Act (ARRA) on December 18.
The ARRA is set up to help small businesses through the Small Business Administration (SBA) to obtain guaranteed loans. The popular program has been in effect since February 2009.
Funding for loan guarantees and to pay borrower’s loan guarantee fees were available until December 31, 2009 or until the funding ran out. The SBA announced in November that they were out of money already.
The additional $125 million is to be used for new loans made after December 28. Congress expects this money will last for months into 2010.
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