Fee Relief on US SBA Guarantee Loans 7(a) and 504 to end.

The American Recovery and Reinvestment Act of 2009 (the "Recovery Act"), provided fee relief for US SBA Guarantee Loans for the 7(a) and 504 program. The amount of funds allocated for this activity are running out, and the US SBA has put in place procedures to end the fee relief for the programs, along with ending the higher guarantee amounts associated with the 7(a) loans.

They have established a deadline of November 23 as the date to begin implementation of the new transition procedures. At that point the loan request will be put in a queue and depending on availability of funds will be funded under the Recovery Act or not. If additional funds are provided by Congress, the program may be continued or modified as directed by any Congressional action.

Click here for the complete transition procedural notice.