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Overview of the American Recovery and Reinvestment Act of 2009 (Recovery Act)
The American Recovery and Reinvestment Act of 2009 (Recovery Act) was signed into law by President Obama on February 17, 2009. It is an unprecedented effort to jumpstart our economy, create or save millions of jobs, and put a down payment on addressing long-neglected challenges so our country can thrive in the 21st century.
The Act is an extraordinary response to a crisis unlike any since the Great Depression, and includes measures to modernize our nation's infrastructure, enhance energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief, and protect those in greatest need.
Implementing the American Recovery and Reinvestment
Act of 2009
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The American Recovery and Reinvestment Act will have a significant impact on small businesses and on the
credit crunch, providing tax incentives and financing opportunities that will help them create jobs.
The American Recovery and Reinvestment Act makes SBA part of the solution, providing it with specific tools to
make it easier and less expensive for small businesses to get loans, give lenders new incentives to make more
small business loans, and help unfreeze the secondary markets to boost liquidity in the credit markets.
More details on implementation will be coming over the next few weeks.
The bill provides $730 million to SBA and makes changes to the agency’s lending and investment programs so that
they can reach more small businesses that need help. The funding includes:
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$375 million for temporarily eliminating fees on SBA-backed loans and raising SBA's guarantee percentage on some loans to 90 percent. The elimination of fees, announced on March 16, will remain in effect until the end of the calendar year or until the funding is exhausted. The elimination of fees is retroactive to the day the Recovery Act was signed into law.
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$255 million for a new loan program to help small businesses meet existing debt payments
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$30 million for expanding SBA’s Microloan program, enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders
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$20 million for technology systems to streamline SBA’s lending and oversight processes
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$15 million for expanding SBA’s Surety Bond Guarantee program
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$25 million for staffing up to meet demands for new programs
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$10 million for the Office of Inspector General
SBA Recovery Information Center
Agency Plans and Reports
SBA reports on the status of Recovery Act implementation by program, including major actions taken to date and major actions planned for the future. This includes both financial and communications weekly reports. You can also receive weekly updates via RSS. Learn More.
Learn More About Our Programs
SBA Financial Assistance
SBA provides a number of financial assistance programs for small businesses including
7(a), 504 and disaster assistance loans. Learn More.
SBA Contracting Opportunities
Selling to the Federal Government can provide significant revenues for your business—and the process is not as complicated as you may think. Learn More.
Small Business Planning
Learn how to create a small business plan that will work for you. Learn More.
FREE Online Business Courses
SBA provides over 25 self-paced, online business courses covering a variety of topics including: business planning, loan packaging and marketing. Learn More.
SBA Publications Library
SBA's resource library provides an abundance of information to assist you in many different areas of running your business. Learn More.
SBA District Offices
Locate an SBA office in your area. Learn More.
Office of Inspector General (OIG)
Additional Resources:
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