Effective May 30, 2024: SBA’s Final Rule removes restrictions on applicants and associates on probation or parole for the Surety Bond Guaranty Program, and the 7(a), 504, Microloan, ILP and Disaster Loan programs.
In Process: a Procedural Notice implementing the Final Rule and amending SOP 50 10 7.1; revisions to 7(a) and 504 loan applications; and updates to SBA Forms 1919 and 1244 to comply with the regulatory changes.
In the Meantime: Marked “URGENT” … SBA’s Office of Financial Assistance has issued guidance for lenders on handling loan applications until the Agency issues the Procedural Notice and updated forms.
Stay tuned for a JRB eBulletin covering the new regulatory changes and an overall look at SBA’s Background Review procedures.