Wednesday, December 22, 2010

How the Ginch stole Christmas from SBA lenders and borrowers

By a 193-165 vote, the House passed the Continuing Resolution last night which included an extension of the SBA loan fee waivers that were set to expire on 12/31/10.

The Continuing Resolution stated that SBA fee waivers will now be in place through 3/4/11 or until the remaining funds are exhausted from the initial $505 million in the September Jobs Act.

SBA has now indicated that the remaining funds are so limited it is unlikely they will last past the initial 12/31/10 expiration date. In fact, the current backlog of loans at SBA may utilize all of the remaining funds.

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