Recently there was an extension on the Small Business Jobs Act deadline. This extension was done in hopes to stimulate the economy even further by helping small businesses attain finance the initial costs of starting the business. The deadline was moved from December 1st to March 4, 2011. People who read the news immediately rushed to receive the benefits that the stimulus was offer in, which included an increase in the guarantee rate and reduced fees for the application.
As the first week of the new year ends it has been declared on January 5, 2011 by the SBA website that the funds for this program have been exceeded. This is due to the high volume of loans that were being processed. Those who were not able to receive this funding were entered into the Small Business Jobs Act Queue. Those in the queue will have to wait until the funds are once again made available. They must first be preapproved and then once approved they will move into the queue with a 75% to 85% guaranty rate and incurred guarantee fees.