Implementation of Removal of the Loan Authorization in accordance with the Final Rule on Small Business Lending Company (SBLC) Moratorium Rescission and Removal of the Requirement for a Loan Authorization (88 FR 21890, effective August 1, 2023)
In order to accommodate system updates, for the 7(a) Loan Program only, the SBA revised Notice 5000-846991 to make the removal of the loan Authorization effective August 1, 2023. Lenders should continue using the procedures in SOP 50 10 6, Part 2, Section B, Chapter 5, which include an Authorization generated using the existing Boilerplate through July 31, 2023. As of May 19, 2023, a new Notice is still forthcoming.
Read our key takeaways from the May 2023 SBA Procedural Notices. Should you have any questions about the changes in the Notice, please feel free to schedule a call with one of Windsor’s experts using the form below.