Ahead of Final Rule Implementation
“The Office of Capital Access announces a Procedural Notice on the implementation of SBA’s Final Rule on Affiliation and Lending Criteria for the SBA Business Loan Programs (88 FR 21074, effective May 11, 2023)in the 7(a) and 504 Loan Programs. Per the Rule, SBA is revising certain policies and procedures in Standard Operating Procedure (SOP) 50 10 6, to be effective for all applications received by SBA on or after May 11, 2023.”
In addition to the aforementioned Procedural Notice published today, SBA also published a Procedural Notice on the implementation of the SBLC Moratorium Recission and Removal of the Requirement for a Loan Authorization (88 FR 21890). The changes within this notice became ffective for all applications the SBA receives on or after May 12, 2023.
Today, the House Committee on Small Business held a hearing with Patrick Kelley titled “Examining the SBA’s Changes to the 7(a) Lending Program Part I.”
For more information on the procedural notices and hearing, watch Coleman for the SBA 7(a) and 504 Loan Program Changes Effective May 12, 2023 Webinar from last Wednesday.
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.
