The U.S. Senate voted 61-37 Tuesday to end debate on the Senate Substitute Amendment, sponsored by Sens. Max Baucus, D-Mont., Mary Landrieu, D-La., and Harry Reid, D-Nev., relating to small-business credit and tax relief, the National Marine Manufacturers Association reports.
A final Senate vote will likely occur this week, according to the NMMA.
The Senate version of the legislation, H.R. 5297, would extend the Small Business Administration Dealer Floorplan Financing Program for 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.
The legislation also includes more than $12 billion in small-business tax relief and a $30 billion Small Business Lending Fund.
The House of Representatives passed a version of the bill. If the Senate approves its version, the measures would need to be reconciled before the bill can go to President Barack Obama for his signature.