Summary
On June 17, 2010, the House passed the Small Business Jobs and Credit Act of 2010 (H.R. 5297). The Senate is expected to approve its version of the bill this week. Both bills include a State Small Business Credit Initiative (SSBCI), a new formula grant program to support small business lending. The House bill would provide $2 billion for this program while the Senate would provide $1.5 billion.