Credit unions and other lenders have received word that the SBA has reactivated the Recovery Act queue to possibly approve more loans if additional funding becomes available.

The original $375 million provided under the Recovery Act for the SBA loans was exhausted in November. Since then, additional funds have been provided for short-term extensions, and those funds, too, have been exhausted, the SBA said.

Previously approved loans are sometimes later cancelled or never disbursed for a variety of reasons, and the funds committed to those loans can be applied to applications in the queue, according to the SBA. The queue takes this into account and beginning on the transition date will allow eligible small businesses, in consultation with their lenders, to choose to be placed in the queue for possible approval for a Recovery loan if funding once again becomes available.

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