BBB: How could a government shutdown affect your business?
The government has been shut down since December 22nd, have you noticed?
Did you know we are NOT a government agency so you won't be missing us. However, other agencies may be affected. The Small Business Administration is one of those agencies that is shut down right now. A small business loan from the government, even if you applied for it prior to shut down, will be unavailable. The Small Business Administration, in a Dec. 22 Facebook post, said it will remain inactive until further notice because of the lack of government funding. This will mean the agency will not process loan applications that help startups obtain financing, USA Today reports.
The Federal Housing Administration will endorse new loans in its single-family loan program, but it will make no new commitments in the multifamily program, according to a report from the National Association of Realtors.
The government's enforcement of fair housing regulations and quality inspections has been delayed during the shutdown, NPR reports. HUD's guidelines show just nine of 454 employees in the Fair Housing and Equal Opportunity Office were projected to work full time during a shutdown. The processing of forms in the Internal Revenue Service, including some that are required by lenders for housing loans, has been suspended during the shutdown, according to NAR. Fannie Mae released temporary guidelines Wednesday to help process mortgages during the shutdown if the borrower is a furloughed federal employee or needs forms from the IRS, HousingWire reports.