SBA Form 159 (7a) and SBA Form 159(504) are now a couple – wedded into one document titled SBA Form 159, Fee Disclosure and Compensation Agreement, which will serve both programs. With an eye to simplified information collection, SBA Information Notice 5000-18012 effective September 14, 2018, announced the updated form.
SBA lenders: You’re required to use the revised form immediately except for loans already in progress. Beginning November 1, 2018, SBA will only accept the revised/combined form.
The updated Form 159 contains several additions, changes and clarifications that SBA summarizes in the Information Notice. Questions? Contact the Lender Relations Specialist in your local SBA Field Office.
Stay tuned for a look at the new Form 159 from our perspective.
Your JRB Team