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2021 Committee Nomination Form

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Want to be more involved with your association? Serving on a committee is one of the most critical ways to participate. Requests due by December 312021 Committee Nomination Form > 

 

QUICK LINKS

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SBA PPP site >

NAGGL PPP Archive >

Chart of PPP Interim Final Rules >

Department of the Treasury PPP site > 

SBA Resources by State (including lenders)  >

Timeline of PPP Guidance >     

Lender Assistance Hotline:  (833) 572-0502 

Find eligible lenders (sba.gov tool) >

List of active SBA lenders >        

 
RECENT UPDATES

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(October 2)  SBA publishes Federal Register Notice, Change to SBA Secondary Market ProgramThe Notice announces that SBA is making to its Secondary Market Loan Pooling Program. 


(September 28 9 PM EDT)  SBA issues Procedural Notice 5000-20050, Extension of  Previous Guidance on Acceptable Signature for Applications and Loan Documents in the 7(a) and 504 Business Loan Program Through November 30, 2020. SBA Procedural Notice 5000-20009 (March 24, 2020) which expires on September 30 previously provided authority for lenders to accept scanned copies of loan documents when electronic signatures are not feasible. Recognizing the continued uncertainty caused by the ongoing COVID-19 pandemic, the new notice extends to November 30, 2020, and further clarifies the provisions of the original notice. 


(September 22)  SBA issues Information Notice 5000-20048, 7(a) Fees Effective October 1, 2020.  The notice sets out the FY 2021 annual and upfront guaranty fees for all 7(a) loans.  [This notice replaces Notice 5000-20047 (dated September 21).]


(August 28 3 PM EDT)  SBA releases version 6 of the SOP 50 10 on their website with an effective date of October 1, 2020. SBA Notice 5000-20043, Issuance of SOP 50 10 6 (effective August 28), provides a high level summary of some of the “particularly significant procedural updates”. Please stay tuned for more information from NAGGL. View on SBA's website >

 

  

RECENT PPP UPDATES

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(October 21 7 PM EDT) SBA issues Notice 5000-20058, Additional Guidance on the Implementation of Section 1112 of the Cares Act, Subsidy for Certain Loan Payments, for the 7(a) and 504 Loan Programs (effective 10/21/2020). The Notice provides guidance to lenders regarding the actions that they must take to reconcile over- and underpayments made under Section 1112 of the CARES Act. The notice also reminds lenders of their responsibility to ensure that E-Tran reflect the correct ownership and contact information for borrowers. Read More >


(October 15 EDT, UPDATED October 19 8 AM EDT) On October 15 SBA issued a letter to PPP lenders through the Forgiveness Platform providing updates on several PPP issues. A second letter issued on October 19 announces that the PPP Forgiveness Platform now is accepting forgiveness applications using the simplified SBA Form 3508S, and provides details on the new process.  


(October 13) SBA publishes new Forgiveness FAQ – General Loan Forgiveness #4.  The new FAQ clarifies that, despite the October 31,2020 expiration date on the loan forgiveness application forms (SBA Forms 3508, 3508EZ and 3508S), a borrower may apply for PPP loan forgiveness any time prior to the maturity date of its loan. 


(October 8 8:30 PM EDT, UPDATED October 9 3 PM EDT*) SBA issues press release announcing “simpler PPP forgiveness for loans of $50,000 or less”. Read the full update >


(October 7) SBA publishes new general FAQ # 52 providing requirements related to extension of PPP loan deferment periods as authorized by the Paycheck Protection Program Flexibility Act of 2020.


(October 6)  SBA informed PPP lenders that the Agency has begun remitting PPP loan forgiveness payments to lenders.  The SBA message reminds lenders that additional information on the forgiveness process can be found in various program guidance documents and in the Lender User Guide and videos available on the forgiveness platform “Resources” dashboardIt also directs lenders with additional question to the Lender Hotline (833.572.0502) or the forgiveness platform inbox.


(October 2 3 PM EDTSBA issues Notice 5000-20057,Paycheck Protection Program Loans and Changes of Ownership (effective 10/2/2020).  This long-awaited notice provides a detailed definition of the types of transactions that SBA considers to be “changes of ownership” in situations where the borrower has a PPP loan.  It also sets out  the requirements that apply to a lender’s approval of such transactions, including those situations where SBA’s prior approval is required. Read More >     


(October 2 3 PM EDT) SBA provides information from the Internal Revenue service related to how loan forgiveness amounts will be handled for tax purposes:

IRS Announcement:  Information Reporting Requirements for Paycheck Protection Program Loans Forgiven under the CARES Act Announcement 2020-12

When all or a portion of the stated principal amount of a covered loan is forgiven because the eligible recipient satisfies the forgiveness requirements under section 1106 of the CARES Act, an applicable entity is not required to, for federal income tax purposes only, and should not, file a Form 1099-C information return with the IRS or provide a payee statement to the eligible recipient under section 6050P of the Code as a result of the qualifying forgiveness. The filing of such information returns with the IRS could result in the issuance of underreporter notices (IRS Letter CP2000) to eligible recipients, and the furnishing of such payee statements to eligible recipients could cause confusion. This announcement is intended to prevent any such confusion.

 

RECENT GR UPDATES

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(October 5) NAGGL Provides Summary of Updated HEROES Act Passed by the House >

(September 30) Senate Passes Continuing Resolution to Extend Funding Through December 11 >

(September 29) NAGGL Endorses Legislation to Extend Section 1112 Payments >

(September 25) NAGGL endorses the Small Business Debt Relief Extension Act introduced by Senator Coons (D-DE), Cardin (D-MD) and Representative Delgado (D-NY). Read press release >

 

FY21 BUDGET UPDATES

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The Administration’s budget proposal again estimates a positive subsidy for the 7(a) program in FY2021 to the tune of $15 million. Read NAGGL's in-depth analysis of the Administration’s budget proposals – and please remember that the final federal budget crafted by the Congress will likely look very different. 

The Committee on Small Business held a hearing on February 26 titled, A Discussion with SBA Administrator Jovita Carranza: Current Issues and the FY2021 Budget, .  Watch the recording >

 

OTHER IMPORTANT UPDATES

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NAGGL's Secondary Market Committee provided an updated Standardized Secondary Market Bid Sheet (supplied as-is with no implied endorsement) >

Click here to view Job Bank positions  >

 

RATES

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OCTOBER RATES

Prime Rate = 3.25%

Fixed Interest Rate Base = Prime [+ allowable spreads]

Maximum Allowable Fixed Rates >

SBA LIBOR** Base Rate = 3.14% 

**REMINDERLIBOR will soon be sunsetted
History of SBA LIBOR base rate >

SBA Optional Peg Rate = 0.88%  [October 1 - December 30]
[SOP 50 10 5, "Base Rates will be rounded to two digits with .004 being rounded down and .005 being rounded up."]
 


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11/4/2020 » 11/6/2020
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