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SBA Procedural Notice: Extension of Authority to Guarantee Paycheck Protection Program Loans

Summary

This SBA Procedural Notice, Control No. 5000-20035, effective July 6, 2020, is addressed to all SBA employees and Paycheck Protection Program lenders. It says an amendment to the CARES Act signed on July 4, 2020 extended SBA's authority to guarantee PPP loans through August 8, 2020. The notice modifies SBA Forms 3506, 3507 and 750 CA, when used solely for PPP, by changing the termination date from “July 1, 2020” to “August 9, 2020.” Participating lenders and 7(a) lenders authorized to make PPP loans may continue to make them until 11:59 pm ET on August 8, 2020.

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Full text

                       SBA Procedural Notice

TO: All SBA Employees and Paycheck Protection                                       CONTROL NO.: 5000-20035
Program Lenders
                                                                                    EFFECTIVE: July 6, 2020
SUBJECT: Extension of Authority to Guarantee
         Paycheck Protection Program Loans




An amendment to the CARES Act was signed into law by the President on July 4, 2020,
extending SBA’s authority to guarantee Paycheck Protection Program (PPP) loans through
August 8, 2020.

This notice modifies SBA Form 3506 and SBA Form 3507, and SBA Form 750 CA (when used
solely for the purpose of Lenders participating in PPP), by extending the termination date set
forth in Section 8 or Section 19 in each such form (as applicable) from “July 1, 2020” to “August
9, 2020”. Accordingly, participating Lenders with such agreements, as well as 7(a) Lenders
authorized to make PPP loans, may continue to make PPP loans until 11:59 pm ET on August 8,
2020.

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



William M. Manger
Associate Administrator
Office of Capital Access




PAGE 1 of 1                                                                                 EXPIRES: 7/1/21
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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