Implementation of Removal of the Loan Authorization

The purpose of this notice is to implement the removal of the requirement for a Loan Authorization in accordance with the Final Rule on Small Business Lending Company (SBLC) Moratorium Rescission and Removal of the Requirement for a Loan Authorization) (88 FR 21890, effective May 12, 2023) (Rule) in the 7(a) and 504 Loan Programs. In accordance with the Rule, SBA is revising policies and procedures in Standard Operating Procedure (SOP) 50 10 6, to be effective to all applications received by SBA on or after May 12, 2023.