SBA has posted Procedural Notice 5000-846399, Transition from LIBOR as a Base Rate (effective April 19, 2023). The notice details the specific requirements that lenders must follow to transition both loans sold on the secondary market and unsold loans from LIBOR to either Prime or the SBA Optional Peg Rate, the only base rates that SBA currently allows.  Prompt action is required because LIBOR will be phased-out by June 30, 2023. Please see the notice for the procedures that lenders must follow for both categories of loans.