Will Small Businesses Benefit from TARP Funds?
At the request of President-Elect Obama, President Bush has initiated the process to release the second $350 billion from the Troubled Asset Relief Program (TARP). Bush’s request triggers a 15-day period in which Congress can vote to deny the release of these funds. If the funds are released, President Bush has indicated that he will defer the allocation of these funds to President Elect Obama after he is sworn into office on January 20th.
In a letter from Lawrence Summers, the Director-designate of President-Elect Obama’s National Economic Council, the incoming administration signaled that there may be aid coming to small business owners. Though the three page letter did not provide details, it did specify that the government’s efforts should be more directed to reaching Main Street and providing accessible credit to small businesses.
We should expect to see details emerge in the next fifteen days as Congress debates the release of the second installment of the TARP funds, with specific guidance after President Elect Obama takes office. Stay tuned…
Tags: anna mills, Business, Small Business