SBA releases new IRS 4506-T guidance
SBA portal office code/ PINs below; thoughts on face masks in banks
Effective with the date of this Notice and until further notice, all SBA Lenders, must follow the procedures set forth below to verify the Applicant’s financial information provided in connection with a 7(a) or 504 loan:

If the SBA Lender has submitted IRS Form 4506-T to the IRS and has not received a response from the IRS or the copy of the tax transcript within 10 business days or is unable to submit the IRS Form 4506-T due to the temporary suspension of IRS acceptance of the form, the SBA Lender:

  • i. May proceed to close and disburse the loan;

  • ii. Must follow-up with the IRS to obtain and verify the tax data by submitting IRS Form 4506-T or by resubmitting a copy of the IRS Form 4506-T to IRS with the notation “Second Request” in the top right hand side, as applicable;
  • iii. Must document its file with a dated copy of the submission/second submission, as applicable; and

  • iv. Must perform the verification and resolve any significant differences discovered as soon as the IRS response is received, but in no event later than 6 months from the date of the Note.

Under current circumstances, if an SBA Lender is unable to submit the 4506-T to the IRS, the SBA Lender must obtain a certification from the Applicant that the tax information provided to the SBA Lender is identical to what was submitted to the IRS.

If you have any questions regarding this notice, please contact your local SBA field office or the service centers. To locate your local office or service center, please go to:

PIN (office code) problems with the SBA portal?
Face masks in banks during COVID-19 pandemic

The issue of bankers permitting or not permitting wearing of face mask in banks has been brought up. We do not have guidance on this topic, but do recommend that banks consider developing a board-approved policy for use during the COVID-19 crisis. 

  • A few considerations when drafting a policy are:Banks should consider the balance of security with prevention of the spread of COVID-19

  • Potential of liability for creating an unsafe work environment if not permitting employees to wear a mask

  • Customers may be required to wear a mask due to testing positive or having direct exposure to the virus 
  • Other methods to lessen the spread of COVID-19: 

  • Safety screen between front-line employees and customers 
  • Cue lines establishing the recommended six feet of social distancing 
  • Lobby open only as needed or by appointment 
  • Ease of access for both employees and customers to wash hands 
  • Hand sanitizer availability 

FREE webinar series on PPP program

CBA will host an open forum series to give bankers an opportunity to ask questions related to the PPP program.

Bank attorneys and experts will be on-hand to to provide the most information they are able, although we know not every question can yet be answered.  Additional guidance and details from SBA are still awaited.

The forums will take place on Tuesdays and Fridays at 10 a.m. through the month of April. The first meeting is this Friday, April 10 . Below is the link to join the meeting.

Join Zoom Meeting:

Meeting ID: 706 624 572

Dial by phone: 1 669 900 6833 | Meeting ID: 706 624 572

Colorado Bankers Association
303-825-1575 | 303-825-1585