Notice of Proposed Rulemaking titled Small Business Lending Company Moratorium Rescission and Removal of the Requirement for a Loan Authorization - Effective November 7, 2022
Notice of Proposed Rulemaking titled Small Business Lending Company Moratorium Rescission and Removal of the Requirement for a Loan Authorization - Effective November 7, 2022
SBA has published a Notice of Proposed Rulemaking titled Small Business Lending Company Moratorium Rescission and Removal of the Requirement for a Loan Authorization. The SBLC moratorium rescission will affect the 7(a) loan program, and the removal of the requirement for a loan authorization will affect both the 7(a) and 504 loan programs.
SBA has published a Notice of Proposed Rulemaking on Affiliation and Lending Criteria for the SBA Business Loan Programs. The Notice will affect both the 7(a) and 504 loan programs. October 26, 2022
This Notice extends and revises the guidance provided in SBA Procedural Notice 5000-812316, “SBA Guaranty Purchases and Lender Servicing Responsibilities for PPP Loans” (“First PPP Guaranty Purchase Notice”). Additionally, this Notice provides supplemental guidance to PPP Lenders (“Lenders”) on their servicing responsibilities and announces revisions to the guaranty purchase process for SBA to honor its guaranty. Click here to read the entire Notice.
1st Quarter "Peg" Rate, Direct Interest Rate and Maximum Interest Rate of a Third Party Lender Loan for a 504 Project - Effective September 30, 2022
The interest rate on Section 7(a) Direct Business Loans is 4.25 percent (4.25%) for the fiscal quarter beginning October 1, 2022. (Information only – no direct funds available at this time.) The optional peg rate for fluctuating interest rates on guaranty loans is 3.25 percent (3.25%) for the October – December quarter of FY 2023.
Each year SBA reviews certain fees payable to SBA by 7(a) Lenders (“Lenders”) and borrowers to determine the appropriate fees to manage the estimated costs of the 7(a) loan program. This Notice announces (1) the 7(a) Lender’s Annual Service Fee (also known as the “Lender’s Annual Service Fee”) and the SBA Guaranty Fee (also known as the Upfront Fee) for 7(a) loans for fiscal year 2023 (FY 2023), and (2) the exceptions to those fees authorized for FY 2023 for the 7(a) loan program.
Each year SBA reviews certain fees payable to SBA by 504 borrowers to determine if any of those fees need to be adjusted to cover the estimated subsidy costs of the 504 loan program. This Notice announces the FY2023 annual service fee (also known as the “on-going guaranty fee”) and upfront guaranty fee for 504 loans. A separate notice will be issued for the 7(a) loan program. The fees are effective for loans approved October 1, 2022 through September 30, 2023.
The purpose of this Notice is to revise the procedures set forth in SOP 50 10 6 relating to commercial real estate appraisals that CDCs must submit to the Sacramento Loan Processing Center (SLPC) for approval and to authorize CDC Closing Counsel to review and confirm franchise closing documents are executed properly and conform with SBA franchise procedures and the SBA Franchise Directory. These revisions and guidance are effective as of the Effective Date of this Notice.
