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5000-1163 SBA Notice - Information, Policy & Poceedure - sba

5000-1163 SBA Notice - Information, Policy & Poceedure - sba-2025

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The document is an SBA Information Notice announcing the approval and implementation of revised SBA Forms 1086 and 1502, effective January 28, 2011. The revisions include updates to the Secondary Participation Guaranty Agreement (Form 1086) to clarify program rules and remove warranty period references for loans sold at a premium in the secondary market. The Form 1502 has minor updates with no changes to its format. Both forms are to be used for reporting and documenting SBA loan activities, with specific implementation dates provided.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Are SBA disaster loans being forgiven?

As of January 2025, there are no plans to forgive outstanding SBA EIDL loans. There are a variety of challenges involved with widespread forgiveness.

Do I have to pay an SBA disaster loan back?

Create an account in the MySBA Loan Portal (lending.sba.gov) to monitor your loan status or to make payments. You are responsible for your COVID-19 EIDL monthly payment obligation beginning 30 months from the disbursement date shown on the top of the front page of your Original Note.

Do you have to pay back SBA disaster loans for small business?

You are responsible for your COVID-19 EIDL monthly payment obligation beginning 30 months from the disbursement date shown on the top of the front page of your Original Note. During this deferment: You may make voluntary payments without prepayment penalties.

How to look up SBA loan information?

You can check loan balances and payment due dates by logging in to the MySBA Loan Portal. COVID-19 EIDL borrowers: Your first payment is due 30 months from the date of the original Note, which can be found in your original loan closing documents.

What happens if you fail the SBA?

Assets Can Be Seized In only a short time you could go from failing to pay your SBA loan to having your bank account wiped, your wages garnished, and your assets seized to repay your loan. This is why you cannot ignore an SBA loan default.

Is an SBA disaster loan a good idea?

Am I personally liable for an SBA loan? Yes, SBA loans require that any owners with at least a 20 percent stake in the business sign an unconditional personal guarantee.

How do I get out of SBA debt?

To qualify, you must demonstrate that your business has ceased operations, all assets have been liquidated, and the proceeds applied toward the debt. The SBA will assess your financial situation to determine if the proposed settlement is reasonable.

5000-1163 SBA Notice - Information, Policy & Poceedure - sba-2025

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