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Video instructions and help with filling out and completing sba form 2018-2021
Ladies and gentlemen welcome and thank you for joining today's web conference the new SBA forum 1:59 please note that all participants will be muted until the Q&A portion of the call we will pryou with instructions on how to ask a verbal questions at that time you're welcome to submit written questions during the presentation and these will be addressed during the Q&A to submit a written question use the chat panel on the right hand side of your screen choose all panelists from the send to drop-down menu if you require technical assistance send a note to the event producer with that I'll turn the call over to Teresa Hendricks supervisory loan specialist of loan modifications at the LGP C in Citrus Heights California please go ahead good morning everybody this is Terry it says Teresa but that's just my email address I'm Terry and I am the supervisor over the loan modifications here at the LG PC and I'm going to prto you today information concerning the new SBA form 159 next slide the new form actually does some good as it combines both the 7a and the 504 versions of the one of the 159 so you only need to have one form available to complete regardless of whether it's a 7a loan or if it is a 504 loan beginning November the 1st the new form is the only form that they will accept and there are several purposes for the SBA form 159 now some of this information it will probably be familiar to you because obviously some of the information is going to remain the same so we'll go forward with what the purpose of the 159 is number one is to identify an agent and I have in a couple of slides we'll get to who is an agent and then to identify the fees as a compensation paid to the agents by or on behalf of the small business applicant I provided to you the statutory information if you would like to read that or familiarize yourself with that and then the SOP fifty ten four rules governing compensation of agents or SBA lenders in connection with an SBA loan next slide please who must complete the SBA form 159 I think that's always been a been a question when you're going to fill out who has to fill it out who has to sign it hopefully this will clarify some of those some of that confusion that we've had so an agent is paid by the SBA lender or the applicant the SBA lender and the applicant must sign and date the SBA Form 159 in conjunction with the SBA loan application so both the SBA lender and the applicants have to complete and sign the SBA 159 the agent is paid by the applicant so the agent is only working directly with the applicant for assistance with completing the SBA loan application so they must complete.