October 13, 2017
By Bob Coleman
Editor, Coleman Report
Breaking News — SBA Releases Updated SBA 1919, 1920, Other Forms
The forms and the SBA notice are attached.
SBA One users can continue to use the forms generated thru SBA One (Old version) until SBA One is updated .
The updated new SBA 7(a) forms:
Updated for SBA 7(a) and 504:
Community Advantage Forms
Changes to SBA Form 1919 include:
- A separate Instruction and Definition cover page
- The division of the form into Section 1 to be completed by the Applicant or co-Applicant
- Section 2 to be completed by Associates and principals of the Applicant
- General updates to align the form with current SOP 50 10 requirements.
Changes to SBA Form 1920 include:
- Modified the general format to be visually practical and provide clarity;
- A new Sources and Uses table with details on total project costs;
- Grouped together questions associated with the same SBA Loan Program Requirement;
- Added alternate contact information, pricing (split pricing and rate changes)
- Requirements for 7(a) Small Loan processing
- Confirmation the SBA Lender received and reconciled applicable tax return transcripts
- Removed questions relating to business valuations and construction that were not pertinent to determining eligibility.