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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.

Runtime: 90 minutes
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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.

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

OnDemand Webinar

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on April 18, 2018.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CO CLE 2.0
     
  • This program may qualify for 2.0 credit hours through the Colorado Supreme Court Board of Continuing Legal and Judicial Education through reciprocity. This course is accredited in other jurisdictions such as New Jersey. To receive CLE credit for this program, a home study affidavit must be submitted to the Supreme Court Board of Continuing Legal and Judicial Education.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MS CLE 1.5
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.5 credit hours.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • ND CLE 1.5
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • TN CLE 1.5
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.5 hours of credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of self-study CLE credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

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

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

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More Program Information

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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Why Lorman?

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Product ID: 402433
Published 2018
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