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Procedural Notice 5000-820757

Summary

SBA Procedural Notice, Control No. 5000-820757, effective September 29, 2021, to SBA employees and SBA Microloan intermediary lenders, further extending the guidance on acceptable signatures for Microloan Program notes. It extends Procedural Notice 5000-809223, effective April 30, 2021, retroactive to August 1, 2021 and through February 1, 2022. The notice cites continued uncertainty as the reason.

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Full text

                       SBA Procedural Notice
TO: All SBA Employees and SBA Microloan                                             CONTROL NO.: 5000-820757
Intermediary Lenders
                                                                                    EFFECTIVE: September 29, 2021
SUBJECT: Extension of Guidance on Acceptable
Signatures for Microloan Program Notes




 The purpose of this Notice is to further extend the guidance set forth in SBA Procedural
 Notice 5000-809223, “Extension of Guidance on Acceptable Signatures for Microloan
 Program Notes,” effective April 30, 2021. The guidance in SBA Procedural Notice 5000-
 809223 is being extended retroactive to August 1, 2021, and through February 1, 2022, due to
 the continued uncertainty of the ongoing Coronavirus Disease 2019 (COVID-19) pandemic.

 Small Business Loans closed by Microloan Program Intermediary Lenders

 SBA does not currently permit Microloan Program Intermediary Lenders to use electronic
 signatures on the microloan notes used to close small business loans under the Microloan
 Program.

 Effective August 1, 2021, and until February 1, 2022, SBA is allowing Microloan Program
 Intermediary Lenders to accept scanned copies of signed microloan notes, provided the SBA
 Lender also obtains a copy of the driver’s license (front and back) of the person executing the
 microloan note or other valid form of identification.

 In all cases where a scanned copy of a microloan note was used to close a small business loan
 under the Microloan Program, an original signature note must be obtained within 6 months of
 the date of the note. If the Microloan Program Intermediary Lender fails to obtain the required
 original signature within 6 months of the date of the note, SBA may require the Microloan
 Program Intermediary Lender to purchase the subject microloan out of the SBA Microloan
 Program loan portfolio.

 SBA Microloan Intermediary Lenders are reminded to protect all Personally
 Identifiable Information (PII) in accordance with all applicable privacy and other
 laws and practices.



PAGE 1 of 2                                                                                 EXPIRES: 9/1/22
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
 Questions
 Questions on this Notice may be directed to Daniel Upham, Chief, Microenterprise
 Development Division, Office of Financial Assistance via email at Daniel.Upham@sba.gov.




 Dianna L. Seaborn
 Director
 Office of Financial Assistance




PAGE 2 of 2                                                                                 EXPIRES: 9/1/22
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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