REMINDER: SOPs 50 10 7, 50 56 1, and 50 57 3 take effect TODAY
August 1, 2023
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The SOPs taking effect today include SOP 50 10 7, Lender and Development Company Loan Programs, SOP 50 56 1, Lender Participation Requirements (replacement for SOP 50 10 6, Part 1), and SOP 50 57 3, 7(a) Loan Servicing and Liquidation.
In addition to other policy and process changes, the SOPs implement and provide guidance relating to the Final Rule on Affiliation and Lending Criteria for the SBA Business Loan Programs [88 FR 21074, effective 5/11/2023] and the Final Rule on Small Business Lending Company (SBLC) Moratorium Rescission and Removal of Requirement for a Loan Authorization [88 FR 21890, effective 5/12/2023].
NAGGL expects SBA to issue additional implementing guidance and will share that information as soon as it becomes available.
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In the meantime, SBA will be hosting two webinars tomorrow, Wednesday, August 2:
Community Advantage bi-monthly training call has been rescheduled for 1:00 PM ET.
Walkthrough of the new Universal Purchase Package (UPP) will take place as originally scheduled on Wednesday, August 2, at 2:00 PM ET.
