The SBA Lending Authority Is Almost Maxed Out!!

From the Coleman Report:

Last week the SBA lending industry was alerted to the probability that the SBA 7(a) program will max out the program’s lending authority sometime in August. The upshot of hitting the authorized lending cap is that lending under the 7(a) stops. To quote the analogy from last week: “we have money in the bank, but no checks”. Three questions need immediate answers:

1) When does this actually happen?
28 July 2015, is my entry in the betting pool.
2) How long does the problem last?
1 October 2015, making for a long, hot, and miserable summer.
3) Why do we have this problem?
SBA didn’t recognize the issue and Congress won’t act till the problem is a crisis.

For Reference:

https://colemanreport.com/countdown-to-the-cap-or-who-do-you-call-the-money-runs-out/

So, we have identified the problem and a timeline.  If you read between some lines, or just the last line, there is a possible solution.  Take 10 minutes to look up your Congress Member and write them, call them, email their office.  If Congress needs to have the obvious pointed out, help point it out.  If you need help finding out who that might be, check out the following link:

https://www.opencongress.org/people/zipcodelookup

I'm not a Chicken Little, panic type person at all.  That said, I hate to have lenders not able to lend.  That just does not make any sense.  If writing a few letters and making a few calls helps to make a difference, I'm on it.