SBA issues new loan program guidance

The SBA on Friday night issued two notices on its lending programs.

SBA Procedural Notice 5000-20093: Provides guidance on establishing maturities of new 7(a) loans eligible to receive six months of payments under Section 1112 of the CARES Act. Lenders may not artificially shorten loan maturities so that SBA pays all or substantially all of the loan, which would result in the SBA not guaranteeing the loan.

SBA Information Notice 5000-20094: Provides guidance and instructions for registering on and reporting the unique identifier to SBA, which is required for recipients of federal loans, loan guarantees, and other financial assistance.

More: PPP information and resources are available on the SBA and Treasury sites and ICBA's PPP and EIP News page.