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Review of SBA's Job Creation Data Under the Recovery Act - sba

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The OIG reviewed of a sample of Recovery Act loans and found that Certified Development Companies reported job creation and retention statistics for the 504 program consistent with program guidance. For the 7 a program however SBA did not define or provide lenders with guidance on how jobs retained were to be measured and lenders generally reported all existing jobs at a borrower s business as jobs retained* As a result SBA s reporting of 7 a job retention was unclear and misleading. The ris ...

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What does it mean when your SBA loan is under review?

For example, SBA may review a loan if the loan documentation submitted to the SBA by the lender or any other information indicates that the borrower may be ineligible for a PPP loan, or may be ineligible to receive the loan amount or loan forgiveness amount claimed by the borrower.

What is the final SBA loan review decision?

Subpart L provides that an appealable final SBA loan review decision is an official written decision by SBA, after SBA completes a review of a PPP loan, that a borrower (1) was ineligible for a PPP loan; (2) was ineligible for the PPP loan amount received or used the PPP loan proceeds for unauthorized uses; (3) is

How long does it take to get SBA funds after approval?

In most cases, once the SBA approves a loan, a business will receive funds within seven to 14 days. Your lender can provide you with an accurate timeline for receiving funds.

How will I know if my SBA loan is approved?

SBA loan approval If your loan is approved, your lender will start to draw up your loan documents. Most importantly, this task includes a formal commitment letter detailing the loan amount, terms and conditions, any collateral involved, repayment terms and interest rate.

What does it mean when a loan is in review?

Assessing Clients Financial needs and goals. Author has 89 answers and 22.9K answer views Apr 13. When a loan application is under review or pending approval from a lender, it means that the lender is evaluating the borrowers creditworthiness and financial situation to determine whether they are eligible for a loan.

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What is a post funding compliance review?

Federal granting agencies are required to conduct an effective post-award compliance review program to ensure their recipients comply with applicable Federal Statutes, Regulations, and Policies such as those listed under the Civil Rights Compliance Requirements Imposed as a Condition of Award of NRC Federal Financial

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