SBA Information Notice: Suspension of Service for SBA Loan Pooling - April 2020

Summary

SBA Information Notice, control no. 5000-20017, effective 4/14/2020, addressed to SBA employees, on the suspension of SBA loan pooling for April 2020. It says that limitations tied to work from home orders during the COVID-19 pandemic require SBA to suspend the issuance of SBA Pools and transfers of Individual Certificates for April 2020. The limitations include the Fiscal and Transfer Agent's inability to present and issue physical Pool Certificates and restrictions on authenticating ownership transfers through SBA Form 1088. The notice carries the signature block of Dianna L. Seaborn, Director.

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Full text

                       SBA Information Notice

TO: All SBA Employees                                                               CONTROL NO.: 5000-20017

SUBJECT: Suspension of Service for SBA Loan                                         EFFECTIVE: 4/14/2020
Pooling – April 2020




SBA has been working closely with its Fiscal and Transfer Agent on ensuring that loan sales
settlements continue during this COVID-19 pandemic period. Limitations, however, tied to work
from home orders for the remainder of April require SBA to suspend the issuance of SBA Pools
and transfers of Individual Certificates for April 2020. These limitations include the inability for
SBA’s Fiscal and Transfer Agent to present and issue physical Pool Certificates and the
restrictions for authenticating ownership transfer through the SBA Form 1088.

As more information regarding the resumption of the FTA’s onsite work operations becomes
available SBA will provide updated guidance on the availability of SBA Pool sales and transfers.

Please direct any questions to Marybeth Kerrigan at mary.kerrigan@sba.gov.



Dianna L. Seaborn
Director
Office of Financial Assistance




PAGE 1 of 1                                                                                 EXPIRES: 4/1/2021
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

File and source

File: 2020-07_Information-Notice-5000-20017-Suspension-of-SBA-Pooling-and-Transfers-April-14-2020-508.pdf
Size: 27,948 bytes
SHA-256: ae62caaa893778b5a5dd735baa9f35afd4ff06b26a265920728767e4734fdde2
Our copy: 2020-07_Information-Notice-5000-20017-Suspension-of-SBA-Pooling-and-Transfers-April-14-2020-508.pdf
Original: www.sba.gov