August 1, 2023
SBA Hot Topic Tuesday – The SOP 50 10 7 and Other SOPs Are Effective Today
Beginning today, the SOP 50 10 7 is effective and will apply to every loan application received during or after today. The SOP 50 57 3 is also effective starting today, and the new SOP 50 56 1 became effective.
SBA previously said during the 7(a) Connect Quarterly update that they would be publishing a technical update to the SOP 50 10 7 and updated forms prior to the effective dates, but there have been no notices of these changes. The Office of Financial Assistance announced last week that they canceled the SOP 50 10 7 webinar with Q&A meant to take place yesterday. In lieu of this, lenders should adhere to the current copy of the SOP 50 10 7 and continue using current forms until the newer versions are released. SBA has not announced if and/or when this webinar will be rescheduled.
Lenders should still expect technical updates to come in the near future along with new forms. There is a possibility other changes could occur later on due to introduced legislation from the congressional small business committees.
On Wednesday, August 2 at 2:00 p.m. ET SBA is holding a training session for lenders on the new Universal Purchase Package (formerly known as the 10-Tab or Purchase Demand Kit). Use this link to join the event.