SBA Procedural Notice 5000-808756: Second Notice on Modifications to SBA Forms 3506, 3507 and 750 CA

Summary

An SBA Procedural Notice, Control No. 5000-808756, effective April 8, 2021, addressed to all SBA employees and Paycheck Protection Program lenders, with the subject Second Notice on Modifications to SBA Forms 3506, 3507 and 750 CA (for purposes of PPP only). It states that the PPP Extension Act of 2021, signed into law on March 30, 2021, extended SBA's authority to guarantee First Draw and Second Draw PPP Loans through June 30, 2021. It states that the notice modifies SBA Procedural Notice 5000-20074 to reflect the Extension Act, which provides that from June 1, 2021 through June 30, 2021 SBA shall not accept new PPP Loan guaranty applications from lenders.

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Cite this document

“SBA Procedural Notice 5000-808756: Second Notice on Modifications to SBA Forms 3506, 3507 and 750 CA.” Original at home.treasury.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/department-of-the-treasury-second-notice-on-modifications-to-sba-forms-85ea84a949/, SHA-256 4f99fc682c81a13040e3fa84a84d83f2df01de2ec32d80f7458d1d8f20713e97.

Full text

                        SBA Procedural Notice

TO: All SBA Employees and Paycheck Protection                                         CONTROL NO.: 5000-808756
Program Lenders

SUBJECT: Second Notice on Modifications to                                            EFFECTIVE: April 8, 2021
SBA Forms 3506, 3507 and 750 CA (for purposes
of PPP only)



The PPP Extension Act of 2021 (“Extension Act”), signed into law by the President on March
30, 2021, extended SBA’s authority to guarantee First Draw PPP Loans and Second Draw PPP
Loans (collectively, “PPP Loans”) through June 30, 2021. This Second Notice modifies SBA
Procedural Notice 5000-20074, Modifications to SBA Forms 3506, 3507 and 750 CA (for
purposes of PPP only), to reflect the Extension Act.

The Extension Act contains an important restriction, which provides that from June 1, 2021
through June 30, 2021, SBA shall not accept new PPP Loan guaranty applications from Lenders
and shall only process PPP Loan guaranty applications submitted by Lenders to SBA before June
1, 2021. In accordance with the Extension Act, at 12:00 am EDT on June 1, 2021, SBA will
shut down the Paycheck Protection Platform (“Platform”) to new PPP Loan guaranty
applications from Lenders. Any PPP Loan guaranty applications submitted by Lenders in the
Platform before June 1, 2021 must be processed and receive an SBA loan number by 11:59 pm
EDT on June 30, 2021. At 12:00 am EDT on July 1, 2021, SBA will shut down processing of
any pending PPP Loan guaranty applications from Lenders for which an SBA loan
number has not been issued. The additional time period for processing of PPP Loan guaranty
applications received before June 1, 2021 allows Lenders and SBA to resolve Hold Codes and
Compliance Check Error Messages. The foregoing dates and times are subject to availability of
funds, and may change if funds are no longer available.

Any Lender that was approved to make PPP Loans pursuant to an SBA Form 35061, 35072 or
750 CA3 (when used solely for the purpose of Lenders participating in PPP) will be deemed by
SBA to have agreed to the modification to such forms as described in this Second Notice if the

1
  SBA Form 3506 (CARES Act Section 1102 Lender Agreement).
2
  SBA Form 3507 (CARES Act Section 1102 Lender Agreement – Non-Bank and Non-Insured Depository
Institution Lenders).
3
  SBA Form 750 CA (U.S. Small Business Administration, Community Advantage Pilot Program Loan Guaranty
Agreement, Deferred Participation).
PAGE 1 of 2                                                                                   EXPIRES: 4-1-22
SBA Form 1353.3 (4-93) MS Word Edition; previous editions obsolete
Must be accompanied by SBA Form 58

                                      Federal Recycling Program   Printed on Recycled Paper
Lender makes a PPP Loan on or after April 1, 2021. All such previously-approved Lenders will
not be expected to sign an updated version of the SBA Form; however, all new PPP Lenders will
be required to sign the applicable revised SBA Form 3506 or 3507 or an SBA Form 750 CA with
the new program termination date.

This Second Notice modifies SBA Form 3506, SBA Form 3507, and SBA Form 750 CA (for
purposes of PPP only) for previously-approved Lenders by extending the termination date set
forth in Section 8 or Section 19 in each such form (as applicable) from “April 1, 2021” to “July
1, 2021.” Participating PPP Lenders with such agreements, as well as 7(a) Lenders authorized to
make PPP Loans, may, subject to availability of funds, continue to submit PPP Loan guaranty
applications through SBA’s Platform until 11:59 pm EDT on May 31, 2021 and may continue to
close and disburse PPP Loans for which SBA loan numbers are issued by 11:59 pm EDT on June
30, 2021.

Revised SBA Forms 3506 and 3507 for new Lenders will be issued and will be made available at
sba.gov/ppp.

If you have any questions, please contact Eddie Ledford at edward.ledford@sba.gov.



Susan E. Streich
Director
Office of Credit Risk Management




PAGE 2 of 2                                                                                 EXPIRES: 4-1-22
SBA Form 1353.3 (4-93) MS Word Edition; previous editions obsolete
Must be accompanied by SBA Form 58

                                    Federal Recycling Program   Printed on Recycled Paper

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Our copy: department-of-the-treasury-second-notice-on-modifications-to-sba-forms-3506-3507-and-750-ca-for-purp-21abd46169.pdf
Original: home.treasury.gov