← Independent regulator rules (SEC/Fed/FDIC/SBA/FTC/NCUA/CPSC/FHFA/EEOC/NLRB)

ALP Express Pilot to Permanent Status

SBA · final-rule · Published 2024-12-18 · Effective 2025-01-17 · 89 FR 102697

Document

Document number
2024-29706
Federal Register citation
89 FR 102697
CFR reference
13 CFR 120
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US Small Business Administration
Publication date
2024-12-18
Effective date
2025-01-17

Abstract

The U.S. Small Business Administration ("SBA" or Agency) is making permanent the increased delegated authorities made available under the ALP Express Pilot for Certified Development Companies ("CDCs") approved for the Accredited Lenders Program ("ALP"). These increased delegated authorities for 504 loans of $500,000 or less ("ALP Express authority") were authorized under the Economic Aid to Hard-hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act or EAA). When these EAA-increased delegated authorities expired on September 30, 2023, SBA implemented the ALP Express Pilot (Pilot) in October 2023 to allow SBA to further evaluate the improved customer service levels for SBA Borrowers and the use of these increased delegated authorities by ALP CDCs. The ALP Express Pilot is scheduled to expire on September 30, 2025. Due to the success of the Pilot, SBA is revising regulations and proceeding to make the Pilot permanent after receiving supportive public comments and no objections to SBA's October 24, 2024, notice of proposed rulemaking. SBA notified Congress of the intent to convert the Pilot to become a permanent part of the 504 Loan Program in September 2024.

Source

Authoritative
Federal Register document
Machine
JSON-LD · Markdown