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.