SBA’s Office of Financial Assistance has advised that it is postponing both issuance of version 6.1 of SOP 50 10 and the 7(a) Connect call originally scheduled for Tuesday January 10, 2023. Read full message >
As you are aware, SBA had previously indicated that it expected to release the SOP revision in November with a mid-January 2023 effective date. The SBA message indicates that it now intends to defer issuance of the SOP revision until the two pending Proposed Rules [Proposed Rule on Affiliation and Lending Criteria for the SBA Business Loan Programs (87 FR 64724) and Proposed Rule on Small Business Lending Company (SBLC) Moratorium Rescission and Removal of the Requirement of a Loan Authorization (87 FR 66963)] are finalized. This will allow SBA to further revise the SOP to incorporate any changes to program requirements made by the Final Rules. Generally, the process to finalize a regulatory proposal takes several months, so the earliest we would expect to see the SOP revision would be sometime late in the first quarter of CY 2023.
The comment periods for the Proposed Regulations close on December 27, 2022 and January 6, 2023, respectively. NAGGL encourages Association members to submit their comments on both proposals prior to those dates. Please refer to the Federal Register publications for more information on the submission process. The NAGGL comment letters will be posted to this homepage as soon as they are completed.
Because the revised SOP 50 10 was expected to include major program changes, NAGGL had temporarily suspended offering some of its education courses to allow incorporation of the expected new program requirements. Given that the issuance of the SOP now has been postponed to an as-yet unknown date, NAGGL has resumed its full training schedule. We will provide updates on any additional changes to the training calendar as more information regarding the issuance of SOP 50 10 6.1 becomes available.
