SOP 50 10 6 requires SBA Lenders to obtain and verify tax information on applicants, and on sellers in the case of a business acquisition, by obtaining tax transcripts and…

SBA Procedural Notice 5000-20093 (the Notice), effective February 12, 2021, focuses on establishing maturities of new 7(a) loans approved between February 1, 2021 and September 30, 2021 which may be…

Prior to the release of SOP 50 10 6, there had been a lot of confusion surrounding the processing of Small Business Administration (“SBA”) loans in which the borrower is…

Although businesses across the country have been affected by the COVID-19 pandemic, many lenders have recently shifted focus from making PPP loans to again making SBA 7(a) loans.  Many lenders…

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was passed into law.  This legislation provides various forms of government aid to small businesses…

One of the basic tenets of SBA lending is that an applicant must be an active operating business.  SBA prohibits financing assets that are held for their passive income, with…