On November 19, the Senate approved, by unanimous consent, a bill (S. 1895) to temporarily reauthorize the Small Business Administration (SBA) and its programs through March 15, 2004. In September, the Senate approved a three-year reauthorization (S. 1375) of the SBA (see The Source, 9/26/03); however, the House has not yet acted on the bill. While SBA programs and activities that receive an appropriation through the FY2004 Commerce-Justice-State appropriations bill will be extended upon enactment of that bill, there are several SBA programs, such as the 504 loan program and the Small Business Investment Company program, that do not receive an appropriation and are set to expire at the end of the year.
Sen. Olympia Snowe (R-ME), sponsor of both measures, stated, “With the close of the First Session of the 108th Congress rapidly approaching, we must act now to ensure that the SBA and its programs are continued. The bill before us achieves that goal by extending the authorization for the agency and its programs through March 15, 2004. That will provide ample time for the other body to pass its legislation, for us to reconcile differences, and for the President to sign a long-term reauthorization bill for the SBA.”
