C-Suite Wednesday- Updated SBA Personal Financial Statement Form is Released

July 21, 2021

Delaney Sexton
Contributing Editor

C-Suite Wednesday- Updated SBA Personal Financial Statement Form is Released

The SBA 7(a) Connect Quarterly Update call occurred on July 13th and outlined some SBA hot topics regarding forms and notices:

On July 13th the SBA released the updated Form 413, effective July 13th, that consolidated four versions of the form into one document. The form has updated instructions, data fields, notices, regulatory disclosures, and certifications. Other formats of personal financial statements are acceptable as long as it contains the same information that is in the form.

The current SBA Form 159 will expire on August 31, 2021. SBA Form 1112-1502 is in the process of form renewal, so lenders will continue the use of this form.

The temporary changes to the 4506 Tax Transcript Verification (SBA Procedural Notice 5000-810037) will be extended through the end of the fiscal year. If an SBA lender submits an IRS Form 4506-C and has not received a response within ten business days, the lender can proceed to close and disburse the loan, follow up by submitting or resubmitting the Form 4506-C, document the file with a dated copy of the second submission, and perform the verification and resolve any significant differences once the IRS response is received.

The guidance on acceptable electronic signatures for applications and loan documents will expire on July 31, 2021. SBA will determine whether this guidance will need to be extended past its expiration date. For application documents, notes, guarantees, and servicing agent agreements they can accept scanned copies of SBA forms and other loan documents with required signatures. Scanned copies are acceptable if the SBA lender obtains a copy of the individual’s driver’s license or valid ID (front and back) and the original signature on the document within six months of the date on the note. Collateral and security documents must be recorded, and the lender must comply with the requirements set by the applicable local recording office.

There will be additional guidance for 7(a) lenders coming soon for certain Interim advances prior to SBA approval.


SBA 7(a) Connect Quarterly Update