SBA and Government Shutdown

searcher profile

January 04, 2019

by a searcher from The University of North Carolina at Chapel Hill - Kenan-Flagler Business School in Austin, TX, USA

Has anyone gotten to the point in an SBA deal that the government shutdown has been a roadblock?  My understanding is that banks cannot get SBA loan numbers issued while the shutdown is in effect.  Any insight is much appreciated.

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commentor profile
Reply by a lender
from University of Missouri in St. Louis, MO, USA
Even as a preferred lender we need certain items from the SBA to close a loan. It is correct that we can gte near the finish line but any closing will require the SBA to be open. Additionally, once open I would imagine a logjam so take that into account with any potential closing time tables you are proposing.
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Reply by a searcher
from Michigan State University in St. Louis, MO, USA
We were told what Duncan states by a major SBA lender this week. The backlog for a PLP will be internal, therefore limited in scope, unrelated to the SBA's overall backlog, and can be cleared purely electronically in short order. No closes during the shutdown, however. And God help you if you work with a non-PLP.
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