Today is the first DAY of autumn.
For those of you who thought it was yesterday, it technically was Wednesday September 22, 2010 at 11:09 PM ET.
It is also the start of a whole new season for SBA loans.
HR 5297 passed today by the House of Representatives and will soon be signed by the President
This legislation will
-IMMEDIATELY waive SBA loan fees for SBA 7(a) and 504 loans through December 31, 2010
-IMMEDIATELY provide SBA 7(a) lenders with a 90 percent guaranty through December 31, 2010
-SOON increase the maximum SBA 7(a) loan amount to $5,000,000
-SOON increase the maximum 504 debenture amount to $5,000,000
-SOON allow 504 loans to be used for the refinance of commercial real loans for the next two years
-SOON increase the definition of a small business to be a company with net profits less than $5,000,000.
The difference between IMMEDIATELY and SOON is how long it will take SBA to actually write the rules for the new changes.
There are only 99 days left in the year.