SBA Procedural Notice 5000-820757
Summary
The SBA Procedural Notice with Control No. 5000-820757, effective September 29, 2021, addressed to SBA employees and Microloan intermediary lenders. It extends the guidance on acceptable signatures for Microloan Program notes in Procedural Notice 5000-809223, effective April 30, 2021. The extension runs retroactive to August 1, 2021 and through February 1, 2022.
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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
File and source
- File
- 2021-10_Procedural-Notice-5000-820757.pdf
- Size
- 77,279 bytes
- SHA-256
- b467e2bebb730d825fa02ab1ee54ca3bae8c3dc0327f0e7894f3bf78ecd9efbf
- Second copy
- Procedural Notice 5000-820757
- Original
- www.sba.gov