SBA Runs Out of Money for Loan Breaks
Monday, 07 June 2010 11:48

Inc. Magazine

Courtney Rubin

May 28, 2010

Congress has extended the breaks four times since the stimulus money first ran out in November. On Wednesday, the SBA reactivated its online Recovery Loan Queue, which is exactly what the title says: a waiting list for those who hope Congress will come through with another extension. It is first come, first served, so if you're hoping for loans under the sweetened terms, get in line now. Unless or until Congress acts, the loans will return to their pre-2009 terms: loans under the 7(a) program guaranteed 75 percent of the loan amount, and fees for the 504 program range from .5 percent to 3 percent depending on the loan's size and term.

 

Members of both the House of Representatives and the Senate are trying to extend the breaks and replenish the funding supply, but the legislation is unlikely to move quickly.

 

"Nothing gets through Congress easily these days, even bipartisan legislation," Lynn Ozer, executive vice president of government lending at Susquehanna Bank, told CNN Money.


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