Beginning August 1st, the SOP 50 10 7 became effective and will apply to every loan application received. The SOP 50 57 3 is also effective starting today, and the new SOP 50 56 1 became effective.
SBA previously said during the 7(a) Connect Quarterly update that they would be publishing a technical update to the SOP 50 10 7 and updated forms prior to the effective dates, but there have been no notices of these changes. The Office of Financial Assistance announced last week that they canceled the SOP 50 10 7 webinar with Q&A meant to take place yesterday. In lieu of this, lenders should adhere to the current copy of the SOP 50 10 7 and continue using current forms until the newer versions are released. SBA has not announced if and/or when this webinar will be rescheduled.
Lenders should still expect technical updates to come in the near future along with new forms. There is a possibility other changes could occur later on due to introduced legislation from the congressional small business committees.
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.
