Congress Ends SBA Loan Shutdown by Raising Annual Lending Cap

The Small Business Administration can resume lending to small businesses through its flagship 7(a) loan program now that Congress has raised the program's authorization level.

The SBA was forced to suspend 7(a) lending on Thursday after the program hit its $18.75 billion annual loan ceiling with more than two months left in the government's fiscal year. The Senate passed legislation Friday raising that limit to $23.5 billion, and the House followed suit Monday afternoon.