On Monday, September 27th, President Obama signed into law the bill known as HR 5297, or the Small Business Jobs and Credit Act. I’ve been reading a lot of commentaries about what is and isn’t included in this new law, and there is still some ambiguity about parts of this legislation. I’ve read the text myself, and it’s hard to say exactly how the technicalities in this law will be applied.
This video is the first in a series from the SBA 504 Experts, explaining the particulars of the Small Business Jobs and Credit Act.
Be sure to check back here regularly, as I’ll be posting video and text updates so you can know what your next right step is as a business owner, or as an advisor to business owners. You can always count on the SBA 504 Experts to keep you informed about the most important issues facing small and mid-sized businesses. If you have any questions in the meantime, feel free to ask it in the comments section below, or just chime-in with your thoughts on this new legislation. I’d really like to have your voice in the conversation.
Dedicated to Your Continued Success,
Chris
P.S. Don’t forget to forward this to someone who’ll find it interesting and helpful!
Tags: advisor to business owners, HR 5297, Legislation, Obama, SBA 504 Experts, SBA 504 Loans, Small Business Administration, Small Business Jobs and Credit Act
Sandy says:
Refinancing is clearly one of the best things about this Small Business Jobs bill. In addition, if there is enough equity, it looks like a business can pull cash out with the refinance for other approved business expenses.
Suzi McIver says:
If your customers are out of a job and do not have money to buy your product, (hence, no customers) – a “cool” business loan from Obamaland is useless. I wonder how you would make the payments on this new business loan with no sales revenue? Alot less propaganda and more adult solutions sure would be a breath of fresh air – we are getting enough SALES PITCH PROPAGANDA! Read your first paragraph. I think its high time we stop passing legislation we don’t understand (someone does – and is banking on the fact you don’t) just because it has a “happy, touchy-feely” title. — just a thought.
Richard Tedlock says:
GREETINGS,
I AM NOT QUITE AS EXCITED AS YOU ARE ABOUT THE NEW SBA 504. the fox is guarding the hen house, so to speak. As a Global Commercial Consultant, I am afraid of ANYTHING OBAMA does!
He is doing exatly what Stalin did not too many years ago; and we know what history taught us there. Obama is inserting Government in all phases of Private Enterprise and that, folks , is only good for the Government. Obama is waiting until the eggs are laid, then he can [and will] raid the henhouse.
He is nothing more than the Rothchild / Bilderberg’s “brainchild” a real puppet !
Wake up America, YOU VOTED FOR WHO?
Keith Wilcox says:
This president is killing us.
Thanks for the message.
Bill Evans says:
Thank you Chris. I am keeping my ears open for those who may need your loan services.
Lewis Burton says:
Great Job keeping us informed about the Small Business Jobs and Credit Act. Jordan Hoffman and Lewis Burton from Chicago,Illinois Thank You!!!!
Steven says:
Nice summary Chris and some curious posts.
Call it (the bill) what some will, it is a real attempt to put cash/tax write-offs into the hands of small business owners; the ones who actually do things for a living and hire employees, which creates real demand; the element that has been called “sluggish” and is a major reason for our sluggish recovery.
In addition to lending, the bill is PAID for and provides tax cuts; two things republicans insist upon. So why did only 3 republicans in congress vote for it? Hint: 2 of them, including Florida’s Senator Lemieux, are retiring from congress.
Small business, the major demand segment, has been starved for cash because it can’t get financing from the big banks who are sitting on mountains of money and are too busy borrowing at 0% and buying govt (risk free) bonds, financed by taxpayers, at 3%.
We will soon see if trickle-up works better than trickle-down has not.
Chris Hurn says:
Thanks for your thoughts, Suzi. While I don’t necessary disagree with your central argument, you should know that we at MCC very rarely make commercial property loans to start-ups. We mostly deal with business owners who’ve established their businesses in their respective markets and decided to trade in their lease payments for commercial mortgage payments on an appreciable, long-term asset such as commercial real estate. I don’t consider what we do “propaganda,” but rather, we DO provide what you call “adult solutions” – we are, however, but a small part of the overall solutions. We’ll be able to help more business owners with this legislation, though we cannot help all . . . and we’re certainly not miracle workers. Nothing I can do about the “touchy-feely” titles that our Representatives give to the legislation they may or may not have read. Best of luck to you and yours.
Fran Schneider says:
Thanks Chris for the update. I like to keep informed of this type of material.
Steve Langer says:
Chris: On the 14th of this month you wrote that this new law would allow existing SBA borrowers to refinance their loans. Most recently you wrote that it will allow commercial borrowers to do so. Did it change and is the meaning totally clear yet? We hold high interest 504 notes; are we left high and dry? Thanks.
Steve Langer says:
Chris,
I am hearing two very different reports on whether existing 504 loans with higher interest rates will be eligible for refinance or not. Is there anything definitive on this or is it all speculation?
Tom Purcell, Broker says:
Thanks Chris, for info on the updated Bill that just passed and it’s effect on small business owners and commercial property.
It is ambiguous nature as is with most new laws coming from house and senate the past few years!
It sounds from your vblog post that features start to Expire rather quickly though? Bill just passed into law, yet end of year or Jan 1, 2011 were expiration dates to key areas of help to 504 program? Basically 3 months is the “window” for our clients to act? If that’s the case, then as I suspect; we’ll be hearing of Extensions of time sometime in mid Dec.???
Marica Reeter says:
Nice, YourPost will be the Leadin the world!!
Guy Zannini says:
Chris
You send me an e-mail on Jan 6 2011 for a new program passed, and it expires on Jan 1 2011, did I hear you wrong, did I mis read something…
Thanks
Guy