Some of the August 1, 2023 changes that are important to lenders in the new SOP 50 57 3 include:
The requirement for lenders to include an assignment of the 7(a) Loan Documents to SBA in the Wrap-up Report they submit.
The need for prior SBA approval to sell a 7(a) Loan Note for less than the full amount owed on the Loan, in accordance with offer in compromise guidelines.
Procedures for appealing SBA decisions involving lender Litigation Plans.
The SBA will apply the requirements of SOP 50 10 and SOP 50 57 in effect at the time of SBA’s guaranty purchase review.
The expanded System for Award Management (SAM) requirements to include lender employees who are directly involved in the processing, closing, servicing, or liquidation of 7(a) Loans.
The need for SBA written approval for changes in a borrower’s business ownership that occur within the first 12 months after final disbursement of a 7(a) Loan (for consistency with SOP 50 10).
The new Chapter 14 for the servicing and liquidation of special purpose loans including SBA CAPLines, International Trade, EWCP, and SBA Export Express and Paycheck Protection Program (PPP) Loans.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the Federal Government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
