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NAGGL CEO provides update on FY 2020 and asks for Action from members, particularly in key states

(September 16) - Congress returned to DC a week ago and now has only two more weeks to settle on a funding package for FY 2020, which begins October 1. Since the Senate is just now starting to markup its FY 2020 appropriations bills, and all of these will need to be reconciled with the versions passed by the House earlier this year, a Continuing Resolution (CR) appears to be the only short-term option to fund the government

While Congress was on their summer break, the NAGGL GR Team led an effort to bring other national trade associations up to speed on the SBA 7(a) subsidy issue. The trade groups we reached out to quickly understood the problem with OMB’s subsidy rate calculation. As a result of these efforts, we were able to send a strongly-worded letter signed by 11 trade associations to the leadership of both the Senate and House Financial Services and General Government Appropriation Subcommittees (FSGG) and the Small Business Committees. Full article >

Key states: Arkansas, Kansas, Louisiana, Montana, Oklahoma, Florida



(September 17) - ABA, SBA Lenders Fear Another 7(a) Shutdown, Press Congress to Act

(September 4) - ABA, Trade Groups Warn Congress Against Potential 7(a) Program Shutdown 

As part of the Small Business Access to Capital Coalition, ABA called on congressional leaders to address a potential funding gap that could bring operations of the Small Business Administration’s 7(a) business lending program to a halt next month. The groups warned that if the Office of Management and Budget fails to correct a “questionable federal credit subsidy rate estimate” contained in the presidential FY 2020 budget, the program will shut down on Oct. 1.

(August 4) - The Hill - Budget deal sparks scramble to prevent shutdown


(September 5) - SBA LENDER PORTAL USERS

The Lender Portal maintenance has been completed! Access the Lender Portal >


(August 1) - SBA Procedural Notice describes new procedures for fingerprint background checks

Procedural Notice 5000-19014 announces a change in procedure for submitting fingerprint background checks for character evaluations to determine eligibility of an individual when an FBI background check is required in connection to a 7(a) or 504 application. There is NO change to the criteria used to determine if the background check is required or to the required documentation. 


 

Click here to view Job Bank positions  >

AUGUST/SEPTEMBER

SBA Operations Director (NH, OH)

Loan Servicer (NC)

SBA Small Loan Underwriter (NC)


SEPTEMBER RATES

Prime Rate = 5.25%

Fixed Interest Rate Base = Prime [+ allowable spreads]

Federal Register Notice (11/2018) >
Maximum Allowable Fixed Rates >

SBA LIBOR Base Rate = 5.07%
History of SBA LIBOR base rate >

SBA Optional Peg Rate = 2.63%  [July 1-September 30, 2019]
[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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9/17/2019 » 9/18/2019
Orlando, FL - SBA Loan Servicing and Liquidation

9/17/2019 » 9/18/2019
ONLINE Course: SBA 1502 Reporting

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