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Key Changes in SBA's SOP 50 10 (5)(J) for Standard 7(a) and 504 Loans

Learn the most important modifications that have occurred for Standard 7(a) and 504 loans as of January 2018.At least annually, SBA (U.S. Small Business Administration) issues changes to its SOP 50 10(5), Lender and Development Company Loan Programs. The latest changes effective January 1, 2018 in Version (J) are significant and numerous. This topic assists SBA 7(a) Lenders and CDCs to understand and implement the key changes both for processing and closing SBA Loans.
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Agenda

Major SOP Changes for Standard 7(a) and 504 Loans
  • Affiliation
    • New SBA Franchise Policy and Procedures
    • Management Agreements
  • No Credit Available Elsewhere
    • NonFederal Sources of Applicant of 10% or More Owners
  • Eligible and Ineligible Borrowers
    • Cooperatives
    • Passive Businesses
    • Business Engaged in Promoting Religion
    • Applicants and Tenants Engaged in Illegal Activities
    • Business With Possible Prurient Sexual Nature
  • Prior Loss to Government and CAIVRS Notice to Small Business and Guarantors
  • Changes in EPC/OC Loans
    • Financing Change of Ownership in EPC
    • EPC as Passive Entity
    • Permitted Rent and Lease Payments
    • Occupancy by Operating Company
  • Required Guarantors
    • Owners of 20% or More
    • Other Owners and Key Employees for Credit Reasons
  • Changes to SBA's Environmental Policies and Procedures
    • Mitigating Factors
    • Special Use Facilities
    • Release of Rights to Indemnification and Waivers and Releases
    • Changes for Environmental Investigations
    • Changes in SBA Reliance Letter
  • Changes for Insurance Requirements
    • Life Insurance
    • Flood Insurance
    • Professional Liability/Malpractice Insurance
    • Dram Shop/Host Liquor Liability Insurance
Major Sop Changes Specific to 7(a) Loans
  • Changes in Equity Injection Requirements
    • Startup Businesses
    • Changes of Ownership
  • Seller Debt and Standby
  • Fees
    • Fees for Packaging and Other Services
    • SBA Form 159 (7a) and Use of Agents and Lender Service Providers
  • Reporting to Credit Reporting Agencies
Major SOP Changes Specific to 504 Loans
  • Borrower Contribution and Multiple Special-Purpose Properties
  • SBA Maximum Lending for Energy Public Policy Goal Projects
  • Changes to Debt Refinancing Without Expansion
    • Elimination of Other Secured Debt and Business Operating Expenses
    • Eligible Business Expenses 85%/20% LoanToValue Limitation
    • Business Credit Card Debt
  • Appraisals
    • Real Estate Appraisal 95% Rule
    • Equipment Appraisals
  • Intercreditor Agreements With Third Party Lenders
  • Timing for No Adverse Change Findings
  • SBA Form 159 (504) and Use of Agents
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Janice E. Garlitz

Janice E. Garlitz, P.C.

  • President of Janice E. Garlitz, P.C.
  • Practice focuses on business law with an emphasis on commercial lending, SBA 504 and 7(a) financing, and real estate and secured transactions
  • Designated 504 Closing Counsel for several CDCs, and lenderís closing counsel for more than twenty national and community banks
  • 30+ years closing SBA 7(a) Loans, 18+ years closing SBA 504 Loans, 18+ years teaching SBA Loan Closing and adult education courses
  • Instructor since 1995 for 7(a) Loan Closing, 504 Loan Closing, and 504 Loan Closing Update Courses
  • Conducts webinars on numerous SBA topics such as Affiliation, Insurance Requirements, and 504 Debt Refinancing without Expansion
  • Author of 504 Loan Closing and Forms Manuals, E-Bulletins on SBA regulatory and technical matters, and numerous webinars on SBA lending
  • Clerk for the Honorable J. Dickson Phillips, Jr., U.S. Court of Appeals for the Fourth Circuit
  • Member of Arizona, District of Columbia, Georgia, Montana, Tennessee and Virginia Bars and numerous courts
  • J.D. degree, University of Virginia; A.B. degree, Cornell University with Distinction in All Subjects
  • Can be contacted at 703-327-0504, [email protected] or on her website www.janicegarlitz.com
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Product ID: 402433
Published 2018
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