SBA Releases SOP 50 10 7

The effective date for the new SOP 50 10 7 is August 1, 2023.

New Changes Include:

Eligibility
Credit Elsewhere
Guaranty Fees
Insurance Requirements
Change of Ownership
Loan Maturities
Interest Rates
Underwriting Standards Loans over $500,000
Collateral
SBA Underwriting for SBA Small Loans and SBA Express
Affiliation
Franchises

Expectations:
There will probably be a new 1919 coming out soon to reflect the changes in the SOP.
There is no longer a requirement for a SBA loan authorization.
Expect to see changes in the near future as a result of the House and Senate hearings.