Hey Small Business Owners...What are you doing to ride the storm out?

[DJ's left nut]

Originally Posted by notorious

Just called my local banks and both said the loans will be ran direct through the government.

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.

[SAUTO]

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.

yeah Mnuchin yesterday said that you will go to your local bank and should be able to apply and get money same day.

[Buehler445]

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.

Only way I could see is if they use existing USDA/HUD/whatever infrastructure. If so watch out.

[SAUTO]

Originally Posted by notorious

Just called my local banks and both said the loans will be ran direct through the government.

Those are the sba loans already available