Business Services Industry
Congress will approve small-business loans for Y2K problems.
Kiplinger Letter, The, March, 1999
Congress will approve small-business loans to fix Y2K problems... $500 million to be distributed through Small Business Adm.'s 7(a) program to companies that must upgrade their computer systems but need financing. The Senate OK'd loans unanimously. The House will pass the legislation, then send it to the White House, which has already signaled its support.
But no liability protection for companies that have Y2K problems. Trial lawyers and consumer activists will beat back an industry proposal to allow a "grace period" for fixing Y2K problems before going to court, limit damage awards and hold firms liable for only their share of damage.
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