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The impacts that this government shutdown is having on small business lending
#1 The SBA is currently closed
Here is what is happending
- Applications are coming in
- They’re going to the lender
- They’re being processed
- They’re being pre-approved
Approved- Instead of being approved, the applications are going into a queue to officially fund when the SBA re-opens
Unable to Satisfy Lending Requirements
The 4506-T
A 4506-t is an authorization for your lender to pull your last 2 years tax returns directly from the IRS and since that sector of the IRS is closed right now the lender is not able to pull your last couple years worth of tax returns which in turn is causing delays.
What we recommend
If you are attempting to get business financing
If you’re looking for a small business loan or line of credit during The Shutdown, make sure it’s not SBA-backed, and make sure the lender is not going to require a 4506-t. Many times the lender is not going to require a 4506-t upfront, however when you are several days into the loan process the lender may require one without notice for additional verification of your business’s finances. If you ask your lender and they can confirm that they do indeed require a 4506-t, you may want to avoid that particular lender.
How the Government Shutdown Effects your Business Loan
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