“Some people are reluctant to take out a line of credit because they don’t want to guarantee the line personally, such as by using their home as collateral. But there is no personal risk if you don’t use the line.”

“The portfolio contains $1.6 trillion in loans, which is vastly more than the EIDL portfolio. This will be a big responsibility for the SBA to take on, especially with no new staff or budget.“

“The cuts in staff at the SBA and IRS are slowing down some of our work, but we’re adapting and preparing clients for the possibility of delays.”

“The average EIDL loan was approximately $70,000 during the first Trump administration. That increased to roughly $700,000 during the Biden administration.”

“It should not be surprising that the program is operating in the red, given the current economic environment, the recent reductions in SBA fees charged to borrowers, and the elimination of many guardrails by the previous administration.”

“I would argue that it would be a mistake to drop a project just because you won’t be able to measure its impact definitively.”

“Every lender has different credit policies and levels of experience and expertise with the SBA program. And every one of those borrowers comes to the table with a different story and level of financial health and sophistication.”