President Obama signed H.R. 2499 into law this morning effective immediately. The Office of Management & Budget (OMB) has apportioned the additional authority to SBA and the 7(a) program should be back up and running very shortly.
Because he is out of
the country, the President had to authorize the use of the
autopen -- for only the sixth time during his
presidency. The autopen is used only when legislation must be
urgently signed into law. The reopening of the SBA 7(a) loan program is
now among an elite few pieces of legislation that qualified for
autopenning, including the extension of The Patriot Act provisions; to
fund the federal government under a Continuing Resolution; the American Taxpayer
Relief Act to avoid the fiscal cliff, and two others.