Anyone know of an SBA lender funding 7A acquisition loans prior to July 1?

by a searcher from Brigham Young University

3 years ago

I'm hearing that with the 2nd round of Care Act financing for PPP loans that a clause in the act is preventing SBA lenders from offering SBA 7A acquisition loans until after June 30, 2020? Can anyone confirm this or know of an SBA lender funding acquisition loans right now? Any color that can be provided on the stipulations preventing funding?

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searcher from Brigham Young University

I appreciate the comments very helpful.! here's an article on the topic that I found gave clarity and wanted to share for others with questions on this topic: https://www.politico.com/news/2020/04/21/sba-lending-bailout-coronavirus###-###-####

3 years ago | like reply | 0 likes

lender from University of Missouri - Columbia

The date of closing is less relevant than having an authorization number. This essentially gets them in the sba allocation. I am actually closing two acquisitions this week (delayed due to the IRS shutdown). Both had authorization numbers already so closing dates weren’t an issue either way. New loans being submitted this week and beyond will be an issue though until more funds are appropriated.

3 years ago | like reply | 1 like

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