Over the past few weeks we have discussed many of the changes in the SOP 50 10 (7). Now that it is in effect, and as we wait…
On March 1, 2023, SBA issued SBA Procedural Notice 5000-844866, Extension of Guidance for Revisions to SOP 50 10 6 Financial Information Verification Procedures to Allow for the Use of…
When reviewing search results in connection with extending an SBA loan, lenders may come across a recorded Notice of Federal Tax Lien (NFTL) filed against a borrower or guarantor. Understanding…
Using outside counsel to assist with loan closings may or may not be standard practice for SBA Lenders depending on a variety of factors such as: where a Lender is…
SBA lenders know that having a complete and compliant closing file is key to preserving the SBA Guaranty. When a transaction deadline is looming, or in the case of an…
Recently SBA has issued two procedural notices related to PPP and certain 7(a) loans approved under the CARES Act, as amended by Section 325 of the Economic Aid Act, and…