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The SBA was created on July 30, 1953, by Republican President Eisenhower with the signing of the Small Business Act, currently codified at 15 U.S.C. ch. 14A.The Small Business Act was originally enacted as the "Small Business Act of 1953" in Title II (67 Stat. 232) of Pub. L. 83–163 (ch. 282, 67 Stat. 230, July 30, 1953); The "Reconstruction Finance Corporation Liquidation Act" was Title I ...
President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
Ware served as the Deputy Inspector General of the Small Business Administration from April 2016 to January 2017. When Inspector General Peggy E. Gustafson left the position to become to Inspector General of the Department of Commerce , [ 7 ] Ware served as the Acting Inspector General from January 9, 2017, until President Donald Trump ...
Loan type. Description. Average funding timeline. SBA 7(a) loan. 7(a) loan subtypes are backed directly by the SBA. The SBA’s turnaround time is 2 to 10 business days, but approval from your ...
SBA loans are backed by the Small Business Administration and administered through SBA-approved lenders. These loans are known to offer high funding amounts of up to $5.5 million, depending on the ...
Longer loan terms: SBA loans have repayment terms of up to 25 years for real estate and 10 years for other fixed assets and working capital, which could make monthly payments more manageable ...
The US Small Business Administration (SBA) does not make loans; instead it guarantees loans made by individual lenders. The main SBA loan programs are SBA 7(a) which includes both a standard and express option; Microloans (up to $50,000); 504 Loans which provide financing for fixed assets such as real estate or equipment; and Disaster loans. In ...
Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.