On Mar. 31, SBA proposed collection on Form 1919 for 7(a) borrowers.
SBA proposed revision to information collection on Form 1919, SBA 7(a) Borrower Information Form-For use with all 7(a) Programs, confirm with administration updates.
Proposed Amendments
Update SBA Form 1919 to conform to Administration priorities, EOs, program updates.
Including adding collection for applicants who operate under a franchise agreement to enter name and SBA franchise identifier code for franchise; provide link to directory.
Intends to revise applicant ownership (mandatory) and demographic information.
To revise instructional paragraph for applicant to identify 100% of beneficial owners of applicant, all beneficial owners who hold lawful permanent resident (LPR) status.
Intends revise language in questions, certifications in form to align with recent changes to regulatory and procedural requirements for 7(a) guaranty loan program.
Also will revise instructions for completing form section to provide additional instruction, clarity for NAICS codes, purpose of the loan, applicant's ownership info.
Update definitions to include associate, beneficial owner, eligible passive company.
Consultation
Comments on proposed revisions to information collection are due by May 30, 2025.
