On December 28, 2010, the SBA reactivated the Loan Queues for 7(a) and 504 Jobs Act loans. The Jobs Act provided additional funding and authority to eliminate the upfront guaranty fee for loans with maturities greater than 12 months as well as provided higher SBA guaranties to lenders for most 7(a) loans.
The purpose of SBA’s reactivation of the Loan Queues is to:
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maximize the stimulative effect of the money that Congress appropriated for this purpose;
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accommodate the fact that it is impossible to know precisely when the funding available for fee relief and the higher guaranty will run out; and
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provide lenders and borrowers with a degree of choice between submitting a loan application as a non-Jobs Act loan (ensuring immediate funding if approved by SBA, but with all applicable fees and lower guaranty levels) or submitting the application as a Jobs Act loan which involves a level of uncertainty as to when, or if, the new loan application will be funded (as evidenced by receipt of an SBA loan number).
The information on this web page and the links it contains will provide you with the information you will need to make an informed decision as to which way your loan application should be submitted to SBA.
If you choose to submit a loan application to the SBA Loan Queue the information and links on this page will allow you to track the likelihood of Jobs Act funds becoming available as well as the position of your conditionally approved loan application in the Loan Queue.
At any time while waiting in the Loan Queue an applicant may request that the lender withdraw the application from the Loan Queue and re-submit it as a non-Jobs Act loan with all applicable fees and lower guaranty levels). There are links provided that can describe that process.
It is important to note that since the lender has submitted the loan application to SBA for its guaranty, the final decision to enter or exit the Loan Queue remains with the lender.
