We prioritize keeping you well-informed, and to uphold this commitment, ERI has recently updated our flowchart to incorporate revisions to the U.S. Small Business Administration (SBA) Standard Operating Procedure (SOP) for 7(a) and 504 Loan Programs, which became effective on August 1, 2023.
Significant Changes in the New SOP:
- Additional guidance regarding applicability of the Environmental Policies and Procedures
- Additional requirements for Child-Occupied Facilities
- References to the updated ASTM standards for Phase I Environmental Site Assessments (ASTM E 1527-21) and Transaction Screen Reports (ASTM E 1528-22)
- A change to the NAICS codes related to Gasoline Stations and Fuel Vendors
- A change to the NAICS codes related to Food Manufacturing
- Revised Reliance letter template
If you received a copy of the ERI flowchart last year, obtaining this updated version is recommended. On the flowchart, ERI provides a List of Helpful Tips, offering supplementary insights into Reliance Letters and Certificates of Insurance, Transaction Screen Assessments, Phase II investigations, and assessments for child-occupied facilities.
To receive an updated version of the flowchart, kindly use the links provided below to request either a hard copy or an electronic version.