September 9, 2020
By Caity Roach
Contributing Editor, C-Suite Wednesday
C-Suite Wednesday – SBA Lenders Do Not Expect Congress to Pass a Coronavirus Stimulus Bill This Week
Although the Senate returned from their summer recess on September 8th, SBA lenders are beginning to expect a stimulus package may not be approved until later this month. According to the latest polls conducted during the Coleman Report Live daily show, 48% of SBA lenders say that they do not expect Congress to pass an additional COVID-19 recovery package this week and 17% say that they are unsure.
Here are some of the other industry trends from this week’s polls:
- 4 out of 5 SBA lenders have still not read the new SOP 50 10 6 despite the upcoming October 1st implementation deadline.
- 32% of lending institutions report that they do not have a designated person to keep up with SOP changes.
- Only 3% of lenders who participated in the Paycheck Protection Program (PPP) have received payments on PPP forgiveness.
- 35% of SBA lenders report that they were unaware that PPP loans are considered 7(a) loans and are therefore governed by the relevant 7(a) procedures outlined in the SOP.
- More than 3 out of 5 SBA lenders are interested in making a USDA Business and Industry (B&I) loan. However, only 18% have made a USDA loan in 2020.
- 6% of SBA lenders participating in the 504 loan program have had a loan canceled due to an adverse change.
- 7 out of 10 lenders believe more oversight is needed for PPP.
- 59% of participating lenders say that their footprint may be affected by their state’s contemplation of taxing PPP.
- Only 16 % of lenders say their footprint is close to full economic recovery.
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