The Small Business Administration is falling behind schedule in implementing parts of the federal government's stimulus program meant to spur lending to small businesses, according to a report by the Government Accountability Office.

The American Recovery and Reinvestment Act of 2009, also known as the stimulus bill, provides $730 million to the SBA in order to loosen up lending for small businesses, including waiving lender fees and allowing the agency to guarantee as much as 90% of a small-business loan. But according to the GAO report, the SBA has only implemented two of the eight required provisions within the 15-to-30-day timeline required by the stimulus bill.

Specifically, the SBA has fallen behind on provisions to free up the secondary market for 7(a) loans and extending existing guarantees on 504 projects. The agency also missed the March 4 deadline for its "Business Stabilization Program," which would allow SBA to guarantee loans of $35,000 or less to qualified small businesses that have existing loans and are suffering immediate financial hardship.

According to SBA officials, the agency has not been able to establish the new programs because of staffing and resource constraints.

The U.S. Chamber supported the stimulus and applauded the administration's plans to put much-needed money into the hands of small businesses. The Chamber will continue to monitor the program and ensure that all provisions are put in place.

Read the GAO report.