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: