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Join NAGGL at its 35th Spring Conference in Orlando, FL. The conference tees off Tuesday, May 7 with the Scramble Golf tournament at 8:00 am followed by that evening's opening reception at 6:30 pm. Wednesday, May 8, starts bright and early with a General Session full of updates from NAGGL and our SBA guests followed by two full days packed with sessions covering current news. Register Online > 


SBA OIG issues Audit of SBA's Controls over 7(a) Loans Sold on the Secondary Market

SBA's Inspector General released the results of an audit of SBA's controls over loans sold on the secondary market, concluding that "internal controls related to the sale of loans into the secondary market and SBA’s reviews for lender compliance on defaulted loans were generally effective" and made 5 recommendations to the agency for improvement to their controls in order to further mitigate risk of loss on sold loans. More >


Revised IRS Form 4506-T and Updated Internal Revenue Service (IRS) contact information

SBA has alerted lenders via Information Notice 5000-19005 that a new IRS Form 4506-T must be used effective immediately. 

The Notice also describes the IRS' new practice of redacting "personally identifiable information", currently only on individual tax transcripts, i.e. series Form 1040 transcripts. A taxpayer's SSN can no longer be used as a tracking number by a third-party transcript requester. Third-parties can now use a 10-digit a Customer File Number, which can be entered on Line 5b of Form 4506-T.

 


Congressional small business committees & appropriations FSGG subcommittee assignments finalized. Get details and links to contact info >



FY 2020 presidential budget request released 

A Budget for a Better America: Promises Kept. Taxpayers Firstoutlines the Administration’s key funding priorities. More >

High-level  SBA budget summary >

The details of the budget, including the Federal Credit Supplement, are scheduled to be released on March 18. Watch this space & your inbox for analysis from NAGGL's GR team. 

 


SBA publishes SOP 50 10 5(K), effective April 1; Information Notice 5000-19004 summarizes changes

Today the agency published Information Notice 5000-19004 outlining the policy changes included in SOP 50 10 5(K) to be effective on April 1.  There are several important clarifications about core policies, including credit elsewhere, equity injection, changes of ownership, as well as adding new requirements for items like a borrower certification regarding leasing.  

Summary analysis >


7(a) REAL ESTATE APPRAISAL THRESHOLD INCREASE NOW LAW

On December 21, President Trump signed into law H.R. 6347, the 7(a) Real Estate Harmonization Act. With no effective date specified in the bill, it is NAGGL’s belief that the law took effect immediately upon the president's signature. SBA is working to release a Notice; in the meantime, because this is a law, lenders may use the higher appraisal threshold amount of $500,000, making sure to fully document the file as to why the higher threshold is being used.


 

 

Click here to view Job Bank positions  >



MARCH RATES

Prime Rate = 5.50%

Fixed Interest Rate Base = Prime [+ allowable spreads]

Federal Register Notice (11/2018) >
Maximum Allowable Fixed Rates >

SBA LIBOR Base Rate = 5.48%
History of SBA LIBOR base rate >

SBA Optional Peg Rate = 3.13% [January 1-March 31, 2019]
[p. 127, SOP 50 10 5(I), "Base Rates will be rounded to two digits with .004 being rounded down and .005 being rounded up."]


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