Small Business Aid Bill | featured news

Money for loans backed by the Small Business Administration that could be used for hiring and expansion had been delayed for weeks in Congress.

The measure's passage ends months of partisan delay. The wait for action was agonizing for small-business owners, many of whom have been seeking loans for months in the tight credit market. Ending months of partisan delay, the House gave final passage Thursday to a small-business tax and lending assistance bill, handing Democrats a legislative victory on the economic issues central to the midterm elections.

The legislation, which had been delayed by Republican opposition, would establish a $30 billion credit fund.