NEW YORK (AP) — Small businesses will soon be able to get loans approved again by the federal government.

The House has passed and sent to President Barack Obama a bill raising the lending authority for the Small Business Administration's biggest loan program, known as the 7(a) program. Loan approvals went on hold Thursday when the SBA reached its $18.75 billion annual limit for loan guarantees.

The bill, passed earlier by the Senate, raises the lending limit to $23.5 billion.

The SBA reached its annual limit with more than two months left in the government's fiscal year. The agency has had an influx of applications because owners are willing to take on more risks including loans after cutting back during the recession and its aftermath. Last year, the SBA didn't approach the limit until September, but Congress raised the ceiling before it was reached.

Once Obama signs the bill, the SBA will resume loan approvals. Applications that have been processed are now in a queue and awaiting approvals. The agency guarantees loans by banks and other lenders.

Owners use 7(a) loans to buy and operate companies and purchase and improve property and equipment.

The SBA's 504 loan program, which backs loans to buy or develop property including real estate, hasn't been on hold. Nor have the SBA Microloan Program, which provides loans up to $50,000, or SBA disaster loans. Funding for those loans is separate from the 7(a) program.