On September 27, 2010, President Obama signed the Small Business Jobs Act of 2010 (the "Small Business Jobs Act"). This legislation provides an additional $505 million to the Small Business Administration to support as much as $14 billion in lending to small businesses. These funds are available to provide fee relief for new 7(a) and 504 loans under Sections 501 and 502 of the American Recovery and Reinvestment Act of 2009 (the "Recovery Act"). In addition, this legislation extends the authority for SBA to provide a higher guaranty on eligible 7(a) loans to December 31, 2010. The Transition Phase Indicator is now Green and the Recovery Loan Queue is suspended. It will be reactivated when authority under this Act is close to expiring or when the current funds available to approve loans with fee relief and higher guaranties are almost exhausted. After the current funds are exhausted, applications in the Recovery Loan Queues will be funded (as evidenced by receipt of an SBA loan number) as funds become available through cancellations of previously approved Small Business Jobs Act loans as long as authority remains to do so. The queue will change to Red when no new applications are being accepted under the Small Business Jobs Act. The information on this web page and the links it contains will provide you with the information you will need to make an informed decision as to whether you want your loan application to remain in the Recovery Loan Queue awaiting funding or you want to withdraw your application and re-submit it as a non- Small Business Jobs Act loan with all applicable fees and lower guaranty levels.
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