The SBA Office of Disaster Assistance is announcing on the SBA loan portals of applicants that SBA will not make any more loan offers to applicants until Congress approves additional funding. The agency is continuing to process and underwrite loan applications but will not issue the loan offers until additional funding is restored.
What the agency means about “offers” pertains to when the underwriting is complete and a loan offer is literally made to the applicant. At that time funds must be “earmarked” by law for the funding of the loan. If no loan proceeds are available then loan offers cannot be issued.
This does not mean to not submit your application. Quite the contrary the Office of Disaster Assistance is working twelve hours a day seven days a week in response to the recent disasters. This is indeed the time to submit your application and get it into the process. There already is a backlog of applications for loan officers currently estimated to be thirty days before active underwriting.
So do not delay. Apply today!