Our long wait is over. SBA Information Notice 5000-19004 announces the arrival of SOP 50 10 5 (K), Lender and Development Company Loan Programs. There’s a lot of new info! The Information Notice summarizes the major changes and additional guidance detailed in the SOP and covers 11 pages – one of SBA’s longer Notices. And then there’s the SOP.
SBA notes that the new SOP becomes effective April 1, 2019, and will apply to all applications received by SBA on or after that date. Until then lenders should continue using SOP 50 10 5 (J) for SBA 7(a) and 504 applications submitted through March 31, 2019. The Agency encourages thorough readings of the Information Notice and SOP 50 10 5 (K) to better understand the updates and changes.
We’ll help. Over the coming weeks we’ll be studying and analyzing the changes and giving you updates on the “Need to Know Items.” Stay tuned!