SBA Hot Topic Tuesday – SBA Announcements
January 7, 2020
By Caity Witucki
Contributing Editor, SBA Hot Topic Tuesday
SBA Hot Topic Tuesday – SBA Announcements
On December 20, 2019 The SBA announced several upcoming Connect Calls and clarified issues with IRS tax transcripts and Lender Match.
SBA 7(a)
The Quarterly SBA 7(a) Connect Call will be held on January 14th at 3:00 Eastern. This quarterly call is open to 7(a) Lenders, SBA LRSs, and other interested parties. Register for the conference at https://ems8.intellor.com?do=register&t=1&p=820109, after which you will receive an email containing a personalized access link. The return email will come from noreply@event-services.com.
SBA 504
Register now for the next 504 Connect Call on March 24, 2020. This quarterly call is open to CDCs, Third Party Lenders, SBA LRSs and other interested parties: https://ems8.intellor.com?do=register&t=1&p=820100.
IRS tax transcripts
SBA requires 7(a) Lenders and CDCs to obtain tax return transcripts through the IRS’s Income Verification Express Service (IVES) program.
- 7(a) Lenders and CDCs may either enroll in IVES or contract with an IVES participant. Additional information on IVES is available at: https://www.irs.gov/individuals/international-taxpayers/income-verification-express-service.
- Currently, ONLY the March 2019 version of IRS Form 4506-T is compatible with IVES. This version of the form is available at: www.irs.gov/pub/irs-prior/f4506t–2019.pdf. (Note: Although the IRS has a more recent version of the form on its website, it is not compatible with IVES). The back of Form 4506-T contains instructions and user tips, and the IRS website has more information on completing the form.
- Please contact the IRS for more information. IRS contact information is provided on the web pages linked above.
Written Borrower consent requirement effective December 28th:
- The Taxpayer First Act, Section 2202, may impose a requirement for 7(a) Lenders and CDCs to obtain written borrower consent to use tax return information. This impacts all lending business, regardless of whether it is for SBA. The IRS has issued guidance on its website. SBA recommends that 7(a) Lenders and CDCs contact their legal counsel for guidance on how to comply.
Lender Match
The SBA has enhanced Lender Match to include additional features and search functionality. Learn more about the enhanced features at: https://www.sba.gov/funding-programs/loans/lender-match.