With mere hours to go before the midnight deadline for passage of legislation to keep the government open, and public reporting that a shutdown is likely, SBA has issued guidance regarding Secondary Market operations during any shutdown.
In accordance with the SBA communication, IF there is a government shutdown, the following requirements will apply:
- The sale of SBA 7(a) loans into the Secondary Market may continue only for those loans entered to SBA’s Capital Access Financial System (CAFS), Settlement Express, and complete sale documentation was received by the FTA to [email protected], no later than 5 PM ET on Tuesday, September 30, 2025. There will be no exceptions to this deadline.
- Assignees may continue to present SBA Form 1088, Secondary Market Assignment and Disclosure Form, and its related registered certificate for transfer to the FTA for SBA 7(a) Secondary Market Certificate Transfers. This includes Confirmation of Originator Fee transfers.
- SBA 7(a) Pooling will be suspended for the duration of the government shutdown. Upon restoration of appropriations and resuming orderly operations, an eligible pool formation calendar will be published on the FTA Wiki.
Questions regarding these requirements may be directed to the FTA Client Service Team at [email protected] or via the toll-free hotline at (877) 470-0722, Option 2.
In accordance with previous practice, NAGGL expects SBA to issue an additional message providing more general shutdown guidance. Watch for further communications from NAGGL as events unfold.
