A game of legislative ping pong over a small-business bill to help reservists and veterans may be nearing an end.

With what Rep. Nydia Velasquez, D-N.Y., called modest technical changes, the House of Representatives easily passed and sent back to the Senate a compromise version of HR 4253, a bill expanding loans and grants for members of the National Guard and reserve, as well as veterans, who are or want to be small-business owners.

A key feature of the bill is a new $50,000 no-collateral small-business loan, but it also relaxes rules for existing small-business owners to cover payroll and other costs when military duties interfere with the bottom line.

Velasquez, chairwoman of the House Small Business Committee, said the bill will help to remove barriers to self-employment in a way that helps the U.S. economy, reservists and veterans.

The House originally passed the bill in early December, only to get it back on Dec. 19 after the Senate made major changes to accommodate concerns of Sen. Tom Coburn, R-Okla., who opposed expanding grants and loans for veterans without careful review of their ability to repay the money.

The House agreed to the language Coburn suggested, sending it back to the Senate for another review. When the Senate returns to work next week, the revised bill will be waiting.

Source: http://www.airforcetimes.com/news/2008/01/military_smallbiz_080116w/