, As the second half of 2021 gets into full swing...

2nd Half of 2021 is in Full Swing!

Greetings!

“Working hard for something we don’t care about is called stress:

Working hard for something we love is called passion.” – Simon Sinek

July has been a flurry of SBA activity. PPP Direct Forgiveness Portals, PPP guaranty purchase and servicing guidance, more Fiscal Agent Transfer guidance, new forms, and just the return to regular lending practices. It has certainly kept us and the industry on its toes. It is a good thing that we love what we do.

The SBA Notice Nook

Check out the guidance from SBA for July:

Notice 5000-813848 issued 6/30/2021 – Extension of Temporary Changes to 4506-C Tax Transcript Verification Procedures during the COVID-19 Emergency through 9/30/2021.

Form 770 Financial Statement of Debtor – updated 7/1/2021 one of the required forms in the Offer in Compromise packages.

Notice 5000-813332 issued on 7/13/2021 – SBA Form 413 Personal Financial Statement updated and issued.

Notice 5000-812316 issued 7/15/2021 – PPP Guaranty Purchases, Charge Offs, and Lender Servicing Responsibilities.

PPP Interim Final Rule issued on 7/28/2021 – COVID Revenue Reduction Score, Direct Borrower Forgiveness Process, and Appeals Deferment.

SBA Franchise Directory – updated 7/29/2021

Notice 5000-808830 issued 7/29/2021 – Revisions to SOP 50 10 6 that Incorporate Changes Made by Economic Aid Act and Interim Final Rule.

Notice 5000-8091115 issued 7/29/2021 – Form 1244 updates to conform to Economic Aid Act and Interim Final Rule on 504 Debt Refinancing.

PPP Form 3508D Borrower’s Disclosure of Certain Controlling Interests – updated 7/30/2021.

PPP Form 3508S Loan Forgiveness Application & Instructions – updated 7/30/2021.

PPP Form 3508EZ Loan Forgiveness Application & Instructions – updated 7/30/2021.

PPP Form 3508 Loan Forgiveness Application & Instructions – updated 7/30/2021.

Missed some earlier Notices issued this year?

Check out below for a link to our previous Newsletters and Notice Nook!

Check out our previous 2021 Newsletters!

Stressed by Workouts & Liquidations?

By Rebecca Mendoza

5 Tips to make Workout and Liquidation More Fun!

Okay, let’s be real: nothing about Workout and Liquidation is fun.

But that doesn’t mean it needs to be complicated or stressful.

Some of that stress is due to the anxiety the Borrower and its Principals are experiencing, and therefore inflicting on you, the Lender. And if you don’t have a dedicated collections or special assets department, or these Workout and Liquidation events happen infrequently, you may really be feeling the strain.

Here are five simple tips to help you work through the process.

THE LATEST NEWS FROM OUR BLOG

Are You Ready for the 1502 Report Submission Changes?

By Lori McCausland

Or do you cringe on the 20th of each month, hoping you don't receive a discrepancy or exception report from Colson Services?

As you know if you’ve received one, these reports are sent out when something is amiss with your most-recent 1502 report.

LEARN MORE

As we start to turn our attention to recovery with the ending of CARES Act 1112 payments and PPP loans, we can see an increase in distressed loans, 7a lending requests and servicing actions. When you couple that with some intense competition for rates and terms, pipeline management and staffing will be as important as ever. Check back in with us on our website or follow us on LinkedIn for our regular blog posts with tips and up to date SBA information.

LRM Lender Consultants offers services that can assist with all aspects of your SBA program whether you are addressing goals not yet achieved such as annual reviews and training or you are preparing for next year. Contact us at 877-576-0819 or visit us online to schedule a free 30 minute consultation today.

Your Team at LRM Lender Consultants,