February 26th Decision for SBA Lenders
February 2010 -- February 26th may be the last business day to withdraw from the SBA Recovery Act Queue in order to be eligible for benefits under any future extensions of the American Recovery and Reinvestment Act. The National Association of Government Guaranteed Lenders (NAGGL) has advised its members that the SBA will not allow lenders with loans in the Recovery Act Queue to cancel and resubmit loans that are not funded by February 28. Therefore, NAGGL has recommended that any lender who wants to wait to see if Congress reauthorizes the 90% guaranty for SBA 7(a) loans to withdraw any loans in the Queue by February 26 and to resubmit if and when Congress reauthorizes the 90% guarantee. They may then be eligible for any guarantees or reduced/eliminated fees. Lenders not concerned with receiving an increased guaranty may wish to remain in the Queue. To discuss a particular loan, or for more information, contact Alison W. Rind or Arnold D. Spevack.