According to our senior management contacts at the SBA, here’s a quick update on what we can expect going forward regarding SBA-504 loan processing:
- SBA-504 loans submitted during the government furlough will be dealt with on a first-in-first-out basis. No priority will be given relative to pending project escrow deadlines.
- All furloughed SBA employees are back TODAY, available online.
- SBA will be issuing loan authorizations as early as TODAY.
- SBA staff will be able TODAY to move on servicing actions submitted during the furlough period.
- The impact of the furlough on November fundings remain uncertain as of today.
As we receive additional helpful details, you can rely on CDC Small Business Finance to pass them along. If you have other questions, please contact your local CDC loan officer.