A small business loan rescue package that's been stuck in Congress for months is headed for final approval Thursday in the House.
The House Rules Committee on Wednesday cleared the way for debate on the bill and a vote to ratify the package passed by the Senate last week. The bill would then go to President Obama, who has said he will sign it.
The legislation would provide funds for the government to waive onerous fees on loans backed by the Small Business Administration. It would also make lending to small businesses less risky to banks by allowing the SBA to guarantee up to 90% of a loan's value.
The bill would set up a $30-billion fund to encourage community banks to increase lending to small businesses. In addition, banks could make larger loans than previously allowed.