SBA Rules Might Change!

Good news for anybody closing a deal using an SBA loan. Attached a link below to the Senate's proposed changes to the SBA program. Here's a blurb below that impacts us:

Specifically, Chairman Rubio’s bill would:

  • Waive all fees for all 7(a) loans for one year for both lenders and borrowers.
  • Provide a 90 percent loan guarantee for all loans, no matter the size.
  • Increase the loan limit for SBA Express from $350,000 to $1 million. This program currently provides an accelerated turnaround time of 36 hours for SBA review, and provides a revolving line of credit for small businesses.

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