SBA 7(a) fee waivers from the CARES Act will end on September 30, 2021. For eligible borrowers, the CARES Act covered six months of loan payments with a cap of $9,000 a month. Guarantee fees and servicing fees were waived, and the guarantee was increased from 75% to 90% on all 7(a) loans up to $5 million.
Beginning October 1, 2021 through September 30, 2022, lenders will pay annual servicing fees to the SBA in the following amounts:
- for loans of $350,000 and less: 0.00%;
- for loans of $350,001 up to and including $1,000,000: 0.49% of the guaranteed portion of the outstanding balance of the loan; and
- for loans over $1,000,000: 0.55% of the guaranteed portion of the outstanding balance of the loan.
In addition, the upfront guaranty fee has been reinstated beginning October 1, 2021 through September 30, 2022. For loans with a maturity that exceeds 12 months, the upfront guaranty fees are as follows:
- for loans of $350,000 or less: 0.00%;
- for loans of $350,001 to $700,000: 2.77% of the guaranteed portion;
- for loans of $700,001 to $1,000,000: 3.27% of the guaranteed portion; and
- for loans of $1,000,001 to $5,000,000: 3.5% of the guaranteed portion up to $1,000,000, plus 3.75% of the guaranteed portion over $1,000,000.
These fees are consistent with the fees charged for SBA loans prior to the CARES Act.