Small businesses having difficulties in obtaining loans could see some relief in the future thanks to a bill passed by the Senate on Saturday, the Washington Business Journal reported.

A more than $600 billion defense bill passed by the Senate includes $125 million for the Small Business Administration (SBA), which will use the money to help small businesses more easily attain loans, according to Portfolio.com.

On Nov. 23, the SBA ran out of economic stimulus funds that allow it to make its loans more attractive. It makes the loans more attractive by increasing the government guarantee on its flagship 7(a) loans and by reducing fees on 7(a) and 504 loans.

The support will fund the higher guarantee and fee cuts through Feb. 28. The House appropriated $354 million for the SBA to keep the guarantee and lower fees in place past Feb. 28 and until the end of the fiscal year as part of a $154 billion jobs bill that passed last Wednesday. But the Senate has no plans to vote on the jobs bill before going home for the holidays and plans to craft its own legislation when it returns, according to Portfolio.com.

The SBA set up a waiting list for small businesses just in case more money were to become available, and as of last Friday 804 7(a) loan requests totaling $412 million were on the list and 179 small businesses were on a list for $105 million in 504 loans.

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