SBA Updates on 4/12/2020

SBA updates – April 2020

Yesterday we heard updates and clarifications from the SBA’s Office of Financial Assistance. The update was provided by Rosemarie Drake, Chief of 7(a) Division. Here’s a quick summary for you. We received these two points of clarification:
• The representative of the borrower must be someone who is 20% or more owner of the business with the ability to sign on behalf of the business.
• A clarification to how applicants can calculate payroll costs: the cost of benefits for individuals who make a salary over $100,000 can be included.