Omnibus Appropriations Bill Passed through FY 2014

The House and the Senate passed an omnibus appropriations bill that funds the federal government through FY 2014, which the President is expected to sign. Despite our best efforts, we were not able to get Debt Refinancing into the budget. However, the legislation contains the full $107 million in subsidy relief needed for the Real Estate Advantage (504) Loan program to continue. As a result, program fees will remain as is (will not increase) for this fiscal year unless Congress – both bodies – pass the Debt Refinancing measure backed by Sens. Mary Landrieu (D-LA) and Jim Risch (R-ID). For planning purposes, we do not expect Debt Refinancing to be enacted imminently, but NADCO continues to push all avenues and there will be legislative opportunities this year. In the immediate future, we look forward to the release of the President’s FY 2015 budget submission in February that will give us insight into the REAL 504 program’s portfolio performance.

There will also be a nomination hearing and full Senate vote on the new SBA Administrator nominee, Maria Contreras-Sweet. NADCO participated in the President’s announcement of Contreras-Sweet’s nominations yesterday at the White House and will continue to participate in and closely monitor the nomination process.

Finally, Chair Landrieu will be leaving her Small Business Committee chairmanship, most likely in February, to become Chair of the Senate Energy and Natural Resources Committee. Senator Maria Cantwell (D-WA) will likely be the new Small Business Committee Chair. NADCO is already communicating with her staff about our legislative priorities.