Recovery Act 101
With much debate, the Recovery Act of 2009 was passed by Congress to help pull the U.S. from the grips of a historic recession. There are many provisions in the new law that could help package printers in these difficult times.
This funding includes $375 million that will be used to temporarily eliminate fees (that are passed on to borrowers) on SBA-backed loans and to raise the SBA guarantee to participating lenders to 90 percent for its 7(a) loan program. The SBA says this program is the most commonly used type of loan. These measures are in force retroactively from Feb. 17 through the end of 2009, or until the funding is used up. The maximum loan available through the 7(a) program is $2 million.
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