The Small Business Jobs and Credit Act of 2010 (H.R. 5297), which MEMA supports, stalled in the Senate late last week. 

The bill was held up moments after a 60-37 vote to end debate on an amendment which would restore the original $30 billion small business lending fund included in the original House bill passed. Shortly after the vote, Senate Majority Leader Harry Reid (D-Nev.) ordered the Senate to move onto unrelated campaign finance legislation (S. 3628). 

It is unclear when the Senate will return to the legislation with only two weeks left until the Senate’s August recess, a Federal Aviation Administration (FAA) Reauthorization bill (H.R. 1586) and consideration of Elena Kagen’s nomination to the Supreme Court also on the table.

MEMA continues to support the legislation and its provisions for both small business lending relief and state loan programs.