On December 20, 2023, SBA posted to its website an updated version of SBA Form 1050. The jump page to the form shows an effective date of December 20, 2023 for the form, and the form itself bears an expiration date of October 31, 2025. Most troubling, the description of the form and the form itself both say that it “must be used for the first disbursement on all standard 7(a) loans” with the description adding the incorrect definition of Standard loans as those “over $350,000”. This requirement is inconsistent with SOP 50 10 7.1 which no longer includes any mention of the form as a loan closing requirement, and no longer includes the form in Appendix 1 which lists all 7(a) and 504 loan program forms.
NAGGL has reached out to SBA for information regarding its current requirements relating to this form. We will provide additional information as soon as it becomes available.
