SBA published Information Notice 5000-848663, Issuance of SOP 50 10 7.1 (effective October 25, 2023) to officially inform lenders and other interested parties of the issuance of the new SOP 50 10 7.1. The new SOP will take effect on November 15, 2023, with the changed requirements applying to all loan applications received by SBA on or after that date. For loans submitted to SBA between now and November 14, lenders must continue to follow the requirements in SOP 50 10 7.
The notice includes the same synopsis of the changes that SBA previously provided in the email message that informally announced the new version of the SOP.
Join NAGGL on Monday, October 30, from noon to 3 pm (Central time) for an extended WEBExpress where we will discuss the changes, including the questions that still remain and the issues that lenders should consider as they apply the new guidance. Link here to register for the WEBExpress.
