SBA Reinstates Lender Fees to Restore Financial Integrity of 7(a) Loan Program | Small Biz Trends

March 31, 2025 ~ knjohn ~ Leave a comment

The U.S. Small Business Administration (SBA) has reinstated lender fees for its 7(a) loan program, reversing a Biden-era policy that the agency said contributed to financial instability and undermined the program’s zero-subsidy requirement. The action was announced Thursday as part of a broader effort to address what the SBA described as “gross financial mismanagement” under the previous administration.

“Since its inception, the SBA’s 7(a) loan program has launched millions of small businesses, driving economic growth and job creation. But the Biden Administration’s actions to undermine the financial integrity of the program now threaten to leave taxpayers on the hook,” said SBA Administrator Kelly Loeffler. “To safeguard taxpayer-backed capital and small business formation, the SBA is taking immediate action to reverse these policies, starting with the restoration of lender fees to protect the future of the program.”

Small Business Grants Available to Support Women Veteran Entrepreneurs | Small Biz Trends

March 12, 2024March 11, 2024 ~ knjohn ~ Leave a comment

The U.S. Small Business Administration offers multiple programs to support women and veteran entrepreneurs. And the Administration recently launched a new grant program to support women veterans looking to start their own businesses. Read about this opportunity and more small business grants below.

SBA Women Veteran Entrepreneurship Training Program Grants

The U.S. Small Business Administration is offering up to $300,000 in funding to nonprofits and businesses to provide women veterans with entrepreneurship training. The SBA’s Office of Veterans Business Development is facilitating the program, which will provide up to six grantees with funding to take part in the Women Veteran Entrepreneurship Training Program. Eligible businesses and nonprofits that want to take part in the program must apply by March 21.

Didn’t Get Your PPP Loan Fully Forgiven? There’s Still Hope. Let the SBA Know | Inc.com

February 16, 2022February 15, 2022 ~ knjohn ~ Leave a comment

For business owners who received only partial forgiveness on their Paycheck Protection Program loans, consider this your stay of execution.

On January 27, 2022, the Small Business Administration, the agency in charge of administering the PPP, quietly issued a procedural notice outlining a new review policy for borrowers who got a partial loan forgiveness decision from their lender, or were instructed to apply for less forgiveness than they wanted.

As of January 27, if you want to appeal a partial forgiveness decision you will have 30 days–from receipt of a lender’s post-remittance notification–to tell the lender. The lender must then file for a loan review on behalf of the borrower within five days. The same process applies to borrowers whose lenders prevented them from applying for full forgiveness.

PPP’s Crazy Final Days | Inc.com

June 3, 2021June 1, 2021 ~ knjohn ~ Leave a comment

When the Small Business Administration shuttered the Paycheck Protection Program for all lenders other than community financial institutions earlier this month–three weeks before the forgivable loan program’s May 31 end date–it sent shock waves through the system.

Womply, a loan facilitator based in San Francisco, quickly rattled off a report noting that as many as 1.6 million of its small-business customers would be left out. Numerated, the Boston-based digital lending platform for banks, said it had $1.4 billion in outstanding applications from more than 33,000 businesses that had been started but not yet approved by the SBA. Meanwhile, other lenders worked to scuttle their programs and divert borrowers, even as it remained unclear how much money was actually left.

5 Predictions for America’s Small Businesses in the Biden Era | Inc.com

January 13, 2021January 12, 2021 ~ knjohn ~ Leave a comment

Before this past year, in which the coronavirus took more than 374,000 lives and permanently shuttered around four million small businesses, few people appreciated the crucial role of the U.S. Small Business Administration as well as Karen Mills.

Today, the former SBA administrator has plenty of company. More than 7.1 million businesses received some form of aid from the agency in 2020. Over 5.2 million small businesses received a Paycheck Protection Program loan during the first and second tranches of the aid program, 1.8 million businesses received debt relief from the agency, and more than 42,300 businesses received a loan through the SBA’s flagship 7(a) loan program in 2020.