A small number of firms missed the deadline for transmission. Product gro ups included in the testing are equities, options, unit investment trusts, mutual funds, corporate bonds, municipal bonds, mortgage-backed securities, governments, and money market funds. SIA will publish a full report on the testing program April 29. P reparation for the industrywide testing effort began three years ago. Appearing before the House Small Business Committee today, ITAA President Harris Miller and Tod d McCracken, President of National Small Business United, testified in favor of a measure which would establish a limited-term loan program to assist small businesses in correcting Y2K computer problems.
Small business is the springboard of the American dream.
We cannot afford to sit by, waiting to see if the dream will be crushed by the Millennium date change. An SBA official appeared to cast doubt on the need for Y2K-specific small business lending legislation. Sclater said the proposed legislation would decrease the underwriting standards used in the SBA guaranteed loans program, requiring the agency to establish a higher subsidy rate. In a related matter, the SBA also slated March 29-April 2 as Small Business Y2K Action Week. SBA, along with the Departments of Commerce and Agriculture, will make free or low cost Y2K assistance available to small businesses during this period.