5 Takeaways from the Breakout Sessions
It was so good to be back to in-person attendance at the Annual NAGGL Conference last week in San Diego! So many interesting attendees, exhibitors, sponsors, and speakers!
We heard a lot, learned a lot, and participated in some great breakout sessions. And we came away with lots of new information to share with you over the next few weeks.
To start off, here are five of our top takeaways from the conference.
1. SBA Guaranty Purchases: PPP Loans should be included in the list of companion
loans.
2. SBA Guaranty Purchases: 1112 Cares Act Payments will be considered borrower
payments and will not be backed out to get to a default date.
3. PPP Loans: Maturity can be extended up to 10 years beyond the original maturity date
if you, the Lender, are considering a workout with the Borrower on the unforgiven
balance.
4. Interim Advances: The new notice doesn’t include Interim Advances from a third party;
it only includes those from the same institution. Therefore, third-party Interim Advances
are considered an exception to policy and your loan MUST be submitted through
General Processing (GP) to get SBA approval.
5. SBA Forms: Forms 1919 and 1920 are currently under revision. Form 159 has expired;
however, SBA says Lenders should keep using it until the updated form is issued.
Here at LRM Lender Consultants, we work hard to keep you up to date on the latest information and news from SBA. Sign up for our monthly Newsletter for more to come on SBA 7(a) Lending!
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