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SBA Lenders: Beware of BSA
Earlier this year, the Small Business Administration (SBA) introduced three new standard operating procedures (SOPs) impacting small business lenders. Out of the three, SOP 50 10 7, which replaced SOP 50 10 6, provided a significant amount of formatting and procedural updates for all 7(a) and 504 loans. Although lenders worked to comply with the new SOP that took effect Aug. 1, 2023, many anticipated a technical update on the horizon to gain clarity in several areas.
On Oct. 24, 2023, the SBA finally announced SOP 50 10 7.1, replacing SOP 50 10 7. The new guidance provided updates in several areas of all three primary sections. Effective Nov. 15, 2023, the updated SOP will apply to all applications received by the SBA on, or after that date. Lenders are required to continue to use the existing SOP for 7(a) and 504 applications submitted through Nov. 14, 2023.
As you begin to navigate the updated SOP, Doeren Mayhew’s SBA loan experts stand ready to assist with any questions you may have. If you need help verifying compliance with the new rules, rely on us to conduct a thorough review of your loans. If you’re performing your loan review internally, consider leveraging Doeren Mayhew’s GOLoan software to ensure compliance with the SOPs. Contact us today to schedule a demo of GOLoan or to learn more about our independent SBA loan review services.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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