FULL COMPLIANCE SBA LOAN REVIEWS
Kresser, Corona & Associates specializes in full compliance loan reviews which play an integral part in the oversight of a lender’s SBA portfolio. Our firm has reviewed hundreds of loans to ensure that both new and legacy loans are in compliance with SBA Loan Program Requirements. Our approach is to mirror SBA’s auditing team’s loan review processes, which includes up to 43 eligibility elements. We focus on the underwriting, closing, servicing, and liquidation to determine whether your loan’s guaranty is intact and in compliance with SBA’s standards.
Kresser, Corona & Associates provides a summary of findings to the lender which can determine whether the lender has the continuing ability to make and manage its SBA loan portfolio in accordance with 13 CFR §120.410(a), 120.451(b) and 120.845.
SBA LOAN REVIEW FAQ
Is it hard to apply for a SBA loan?Although applying for SBA loans is relatively easy, getting approved is where many businesses run into problems. Without a carefully prepared application, you can get rejected and lose out on low-cost, government-backed financing. Businesses that use a SBA loan application consulting service have the highest chances of being approved.
How long does it take to get approval on an SBA loan?The SBA loan approval process can take between 30-90 days, depending on the type of loan. Microloans of $50,000 or less can be acquired more quickly, but may have more complicated requirements. A SBA consultant will be able to give you estimated timelines for approval and funding based on the loan you are applying for.
Are SBA loans forgivable?Some SBA loans can be forgiven, but not all. For example, the Payroll Protection Program (PPP) offered as part of the COVID-19 pandemic relief funding is forgivable, meaning it does not need to be repaid as long as you comply with the terms for forgiveness, such as maintaining employee pay levels and funds being used for payroll. On the other hand, the SBA Economic Injury Disaster Loan (EIDL) is not forgivable, except in special circumstances like your business shutting down and dissolving. The terms of each SBA loan program will determine if and when it can be forgiven.