May ARC Loan proceeds be used to pay escrow for taxes and

May ARC Loan proceeds be used to pay escrow for taxes and

19 Pages · 2009 · 94 KB · English

How will ARC Program loans be considered by SBA when evaluating a lender’s 7(a) performance, i.e., will they be included in a lender’s risk rating score?

May ARC Loan proceeds be used to pay escrow for taxes and free download


News Release OFFICE of CAPITAL ACCESS Release Date: July 21, 2009 Internet Address: http://www.sba.gov/news ARC LOAN PROGRAM Frequently Asked Questions for Lenders 1502 REPORTING When will guidance become available on lenders’ interest billing procedures through Colson via the 1502 reports? Information Notice 5000-1115, Instructions on 1502 Reporting and ePayments of Accrued Interest to Lenders for ARC Loans, was issued on July 1, 2009 and is located on the SBA.gov website at http://www.sba.gov/aboutsba/sbaprograms /elending/RECOVERY_INFO_LENDE RS.html . Instructions are also available on the Colson website at www.colsonservices.com. When will Colson Services be ready to process 1502 reports for ARC Loans? Colson will accept 1502 reports for ARC Loans begi nning with a lender's usual July report for SBA loans. ACCOUNTS PAYABLE Can ARC Loan proceeds be used towards payin g trade debt to vendors (Accounts Payable)? ARC Loan proceeds cannot be used as worki ng capital to pay accounts payable, accrued expenses, or other operating expenses. The proc eeds may only be used to make principal and interest payments on Qualifying Small Business Loans (QSBLs). SBA has established that a QSBL must have a note with scheduled payments of principal and/or interest. Accounts payable and accrued expenses are not loans. One of th e purposes of an ARC Loan is to free up the business income that would have been used to make monthly payments on notes payable for other business purposes such as paying accounts payable and accrued expenses. However, if the small business is past due with accounts payable and the vendor or other

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