ICBA seeks clear guidance on SBA expansion

Mar 26, 2020

ICBA and other groups called on the Small Business Administration to issue timely and clear guidance upon enactment of the coronavirus stimulus package so lenders can efficiently disburse funds through loans.

The legislation includes $350 billion for a temporary, expanded SBA 7(a) loan program aimed at providing small businesses with funds for critical items such as payroll, rent obligations, and utilities. It also allows nearly any lender to become a 7(a) lender and includes $17 billion for small businesses with existing 7(a) loans.