Quote:
Originally Posted by DJ's left nut
Looks like it's just really ramping up funding and de-regulating 7(a) loans through the SBA.
Those have always been administered by the banks themselves but ultimately backed by the government. From what I can see, the SBA will essentially 'purchase' the forgiveable obligations from qualified lenders in the event that they certify that the funds were used by the borrower on allowed expenses.
I just don't see how this can be a direct loan program - who in the federal government has the infrastructure for that? The Treasury department damn sure isn't geared up to accept millions of credit applications.
That just cannot be right.
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Only way I could see is if they use existing USDA/HUD/whatever infrastructure. If so watch out.