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. 

To receive the latest industry updates please join the free Coleman Report Live daily show at 1:00 PM Eastern.