WASHINGTON — The Senate on Thursday postponed a plan to create a $30 billion loan fund for small businesses, delaying final passage until September at the earliest, according to a report in the Washington Post.
A united Republican caucus voted Thursday to continue to its filibuster after Senate Majority Leader Harry M. Reid and Senate Minority Leader Mitch McConnell reached an impasse over the number of amendments that the GOP could offer. Democrats agreed to three; Republicans demanded four.
Senate leaders in both parties were still working toward a compromise late Thursday, but Reid said the Senate would not return to the bill until next week. Even if the Senate approved it, the bill would have to go back to the House, which is set to begin its August break on Friday.
The bill is strongly supported by both the National Marine Manufacturers Association and the Marine Retailers Association of America.
According to the NMMA, the legislation would extend the Small Business Administration Dealer Floorplan Financing Program to three years, increase SBA loan caps for dealer floorplan financing to $5 million, eliminate SBA fees, and make other improvements that will enhance credit availability for floorplans and other business credit. The legislation also includes more than $12 billion in small business tax relief in addition to the Small Business Lending Fund that would make available $30 billion for small business lending.