The SBA recently announced changes to the submission procedure for SBA Form 159 Fee Disclosure Form and Compensation Agreement (“Form 159”). Lenders are required to submit Form 159 when a…
In the midst of the pandemic, lenders are finding that some common collateral structures are presenting new challenges when it comes to Small Business Administration (“SBA”) due diligence requirements and…
Lenders and borrowers only have a few days left to take advantage of the subsidy loan payments provided by Section 1112 of the Coronavirus Aid, Relief, and Economic Security Act…
Best Practices: PPP Loans to Sole Proprietors, Independent Contractors and Self-Employed Individuals
Paycheck Protection Program (“PPP”) loans are available to sole proprietors, independent contractors and eligible self-employed individuals. In order to qualify for a PPP loan, a sole proprietor, independent contractor or…
When closing a commercial construction loan, a lender’s due diligence gathering typically does not end at the loan closing table. Once a construction loan closes, a lender must carefully follow…
In the SOP 50 10 5(K), the U.S. Small Business Administration (“SBA”) sets forth specific rules on refinancing same institution debt. If a lender is seeking to refinance its own…