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FY 2021 BUDGET PROPOSALS AT A GLANCE:

7(a) Authorization Level: $30 Billion
Secondary Market Authorization Level: $13 billion
Secondary Market Fee: 5 bps on all sales

Other Requests:
Implementation of new “administrative fee” to cover administrative expenses
SBA Express maximum loan size increase from $350,000 to $1 million
SBA to offer fee waiver on Express loans to veterans


The Administration’s budget proposal again estimates a positive subsidy for the 7(a) program in FY 2021 to the tune of $15 million. Stay tuned for the NAGGL GR Team’s in-depth analysis of the Administration’s budget proposals – and please remember that the final federal budget crafted by the Congress will likely look very different. 


 

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(February 7) - SBA publishes Interim Final Rule: Express Loan Programs; Affiliation Standards 

The Federal Register Public Inspection desk today reveals that the long-awaited rule will be published on Monday, February 10.  The agency has elected to publish as an Interim Final Rule "rather than proceeding to a final rule in order to provide the public with an additional opportunity to comment. In addition, the rule will become effective  in 30 days but compliance with two of the regulatory changes will not be required until October 1, 2020."  As always, NAGGL experts will digest and report in-depth on the key elements of this Interim Final Rule to our entire membership. Stay tuned!

Rule as published February 10 >

Affiliation review guidance document >


House Small Business Committee February 5: SBA Management: Office of Credit Risk Management

Witness: Susan Streich, Director, SBA OCRM

Witness testimony >

Chairwoman Velazquez Statement >

Watch the hearing recording >

NAGGL applauds OCRM's tremendous efforts and success in monitoring what continues to be a healthy 7(a) portfolio, and believes that tomorrow's hearing will be confirmation that OCRM maintains robust oversight of the largest loan portfolio at the agency.


 


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FEBRUARY RATES

Prime Rate = 4.75%

Fixed Interest Rate Base = Prime [+ allowable spreads]

Maximum Allowable Fixed Rates >

SBA LIBOR Base Rate = 4.67%

REMINDER:  LIBOR will soon be sunsetted
History of SBA LIBOR base rate >

SBA Optional Peg Rate = 1.88%  [January 1-March 31, 2020]
[SOP 50 10 5, "Base Rates will be rounded to two digits with .004 being rounded down and .005 being rounded up."]
 


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