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SBA Announces 10-Tab Format Required for All Loan Applications Sent to LGPC after March 1, 2014

SBA Notice 5000-1304 issued on January 23, 2014 notifies lenders that all applications submitted to the LGPC for loan origination must be submitted in the 10-Tab format. Previously, a lender had the option to submit the package without using the 10-Tab format. All forms and instructions for use of the 10-Tab format are located at http://www.sba.gov/content/7a-submission-tools. While the 10-Tab format for loan applications has been available for use since May 18, 2012, lenders must use the 10-Tab format in all submittals as of March 1, 2014. When submitting the 10-Tab application file through the website , PLP lenders also must  remember to go into E-Tran and use the pull-down tab for 7(a) to select “GP” and fill out all the information usually completed for PLP submission, including the application number received when the file was submitted. If done correctly, the application should read “Review Reviewer 1” as opposed to “Application in Process” in E-Tran.  

For more information about changes in SBA lending regulations, contact Alison Rind at awrind@lerchearly.com or (301) 657-0750 or Arnie Spevack at adspevack@lerchearly.com or (301) 657-0749.

This content is for your information only and is not intended to constitute legal advice. Please consult your attorney before acting on any information contained here.

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