Recently we shared Procedural Notice 5000-846991 which removed the requirement of using the SBA Loan Authorization effective May 12, 2023.

The U.S. Small Business Administration (“SBA”) is delaying the implementation of the sunset of the 7(a) Loan Authorization until August 1, 2023. A formal notice will be issued soon. At this point in time, lenders should continue using the SBA Loan Authorization until the implementation of new procedures on August 1, 2023.

Additionally, it is important to remember that SOP 50 10 6 remains in effect (except as specifically amended by any SBA Procedural Notices), until August 1, 2023, at which time SOP 50 10 7 becomes effective

If your lending institution has questions regarding SBA requirements, or any other SBA lending matters, please contact Your SBA Legal Department® at SBAQuestions@JellumLaw.com.