When Lenders rely on a third party closing agent, such as a title agent or escrow agent, to assist with loan closing and disbursement on behalf of the Lender, it…
One common reason for SBA to issue a repair or denial of the SBA guaranty is a Lender’s failure to properly disburse an SBA loan in accordance with the use…
Effective September 8, 2021, SBA enhanced its COVID-19 Economic Injury Disaster Loan (EIDL) program to assist small businesses to meet their financial obligations and operating expenses despite the suffering created…
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…