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(March 27 @ 4:30 EDT) The President signs CARES Act into law. We now await implementation guidelines from SBA. Stay tuned for more! 

(March 27 1:30 EDT) House passes massive $2 trillion relief package; president expected to sign shortly

NOTE:  NAGGL understands that you have many questions about the CARES Act's provisions related to the SBA loan programs; please be patient.  Answers will be available once SBA publishes its written interpretation of and guidance on the bill. 

 

NOTE:  NAGGL is aware that the IRS has temporarily suspended acceptance of new tax transcript requests (4506-T forms) while it adjusts to the impact that state and local shelter-in-place orders are having on the agency’s ability to provide tax data. We are working with SBA to provide more information and guidance. 

 

(March 27) SBA publishes Notice 5000-20011, Guidance Regarding No Adverse Change Certifications on 7(a) Loans during the COVID-19 Emergency

 

(March 26) Please note: Treasury Secretary Mnuchin has made it clear that loan products in the CARES Act will not be available until later next week



(March 25 @ 11:30 PM EDT) Senate passes $2 trillion economic aid package; House scheduled to take up the bill on Thursday (3/26)

Text of final CARES (Coranavirus Aid, Relief, and Economic Security) Act >

Watch this space for credible summary of the bill from NAGGL's GR Team!

(March 25) SBA Procedural Notice 5000-20009, Guidance on Acceptable Signatures for Applications and Loan Documents in the 7(a) and 504 Business Loan Programs View > 

(March 25) SBA publishes Express Bridge Loan Pilot Program Guide >



Deferments on Sold Loans; 1502 Reporting

Colson Services provides streamlined process to request approval for deferments up to 12 months. Details in these guidelines >



SBA's March 19 SBA 7(a) Connect presentation (recording available until April 3) >




SBA Inspector General publishes audit on SBA's Community Advantage Pilot Program 

Full audit >



NAGGL ANNOUNCES VIRTUAL CONFERENCE

Register Now >

The rippling effects of the COVID-19 pandemic are devastating small businesses across the United States. Now more than ever, credible training and industry dialog need to occur. Therefore, we have decided to replace the in-person NAGGL Spring Conference that was scheduled for Atlanta with a fully virtual conference that will be held May 6-8. This creates a safe environment in which to gather, while allowing us to share critically important content and conversations with a broader audience of lenders from coast to coast. Attendees will have access to over a dozen LIVE sessions and interactive discussions led by industry leaders and invited SBA policymakers on topics that address how to best help your borrowers along the road to recovery and manage your portfolio. 

If you are already registered for our conference, there is no additional action you need to take at this time.

Virtual Conference FAQ >Administrative Cancelation/Refund Policy >  





SBA Provides Notice on Interim Final Rule - Express Loan Programs; Affiliation Standards

Information Notice 5000-20003, Publication of Interim Final Rule – Express Loan Programs; Affiliation Standards, dated March 11, 2020, provides a brief summary of the regulatory changes contained in the Interim Final Rule.  Most of the provisions of the Interim Final Rule are effective March 11, 2020, and comments on the regulations are due to SBA by April 10, 2020. NAGGL recently published a Newsflash FAQ that includes questions on the Interim Rule submitted by NAGGL members and NAGGL’s responses to those questions. 

Notice 5000-003 (published March 11) >

Interim Final Rule (published February 10) >

Affiliation review guidance document >

NAGGL articles >



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 >



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  >



MARCH RATES

Prime Rate = 4.75%

Fixed Interest Rate Base = Prime [+ allowable spreads]

Maximum Allowable Fixed Rates >

SBA LIBOR** Base Rate = 4.36%

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

SBA Optional Peg Rate = 1.88%  [January 1-March 31, 2020]
[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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5/6/2020 » 5/8/2020
Spring Virtual Conference

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