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1/18/2019: NAGGL signs on to US Chamber of Commerce Coalition Letter

Coalition Letter - Ending the Shutdown and Reopening the Federal Government


On behalf of the American business community, we urge Congress and the administration to immediately take steps to restore the full operation of the federal government.

The current shutdown – now the longest in American history – is causing significant and in some cases lasting damage to families, businesses, and the economy as a whole. The harm is well documented and continues to compound with each passing day.

Since the shutdown began, various compromises have been floated by both Republicans and Democrats. There are numerous paths forward that would allow for the government to be reopened that should be acceptable to all parties. Failing to seize on one of those compromises that can pass Congress and be signed into law is unacceptable.

The time to act, the time to end this shutdown is now so that we can keep the economy moving forward.



On December 21, President Trump signed into law H.R. 6347, the 7(a) Real Estate Harmonization Act. With no effective date specified in the bill, it is NAGGL’s belief that the law took effect immediately upon the president's signature. However, with SBA unavailable for guidance due to the partial government shutdown, it would be prudent for lenders to wait for further guidance from SBA before implementing. 


IRS IVES back to processing tax transcripts January 7 >

Bridge or interim loans during shutdown

Q: Can I make a “bridge” or “interim” loan during the shutdown and then take that out with an SBA loan after the shutdown is over? 

A: Yes, but only under very limited circumstances, and subject to the general requirement that all such loans are made wholly at the lender’s risk. Per SOP 50 10 5(J), p. 126, if the purpose of the loan is something other than real estate construction, SBA probably would allow the lender to take out an “interim” loan made during the shutdown with a 7(a)-guaranteed loan as long as the 7(a) loan is processed under the lender’s delegated (PLP) authority AND the 7(a) loan number is obtained within 90 days of the lender’s approval of the interim loan.  

PLP-processed loans made for construction purposes and all loans that will be processed on a non-delegated basis (i.e, through the Loan Guaranty Processing Center), have different requirements and will NOT be considered to be bridge/interim loans. If the lender approves one of these loans, and later wants to refinance it with an SBA-guaranteed loan, the refinancing will be subject to all of SBA’s refinancing requirements, including those related to refinancing same institution debt. [See SOP 50 10 5(J), pages 123-130.] 

Friday, January 18 The partial government shutdown continues.  Send us your examples of small business borrowers impacted by the shutdown (unable to hire workers; unable to start construction; possibly having to layoff employees; inability to purchase needed supplies or equipment; etc.)

News Flash - Shutdown FAQ: 7(a) Loans >



Funding for portions of the federal government, including funding for most SBA operations, is set to expire at midnight Friday, December 21, 2018. 

During a lapse in appropriations, new loan making under the 7(a) and 504 loan programs will be suspended until government funding is made available. This means no new loans will be processed. SBA will retain very limited staff to maintain only critical operations that are necessary for the protection of property and orderly shutdown activities.

During this period, Colson Service Corp., in its capacity as Fiscal and Transfer Agent (FTA) for SBA’s Secondary Market Guarantee Program, is authorized to proceed with the settlement and issuance of Guaranteed Interest Certificates (GICs) only if the FTA received a complete document package for such settlement on or before Friday, December 21, 2018, and there are no exceptions requiring assistance by SBA staff to resolve. Until further notification, the FTA may not settle and issue any other GICs. 

Agency overall plan for lapse in appropriations (i.e., shutdown) >

In case of shutdown, these are the essential personnel in SBA OFPO [Centers]:

Jihoon Kim 
Vanessa Piccioni
Joel Stiner
Sarah Hawkins

Contact us for phone numbers >


NAGGL Comment Letter on Proposed Rule: Express Loan Programs; Affiliation Standards >



Click here to view Job Bank positions  >


SBA LIBOR Base Rate = 5.51%
History of SBA LIBOR base rate > 

Prime Rate = 5.50%

SBA FIXED Base Rate =5.50% + allowable spreads 
> $50,000 = 11.5%
>$25,000 & less than or equal to $50,000 = 12.5%
$25,000 or less = 13.5%

Federal Register Notice >
Maximum Allowable Fixed Rates >

SBA Optional Peg Rate = 3.13% [January 1-March 31, 2019]
[p. 127, SOP 50 10 5(I), "Base Rates will be rounded to two digits with .004 being rounded down and .005 being rounded up."]

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