SPARK Update on the New SBA Forms

Happy New Year from the SPARK Team! We wanted to share our timeline on the form updates released by the SBA over the past couple of weeks. This includes:

• Revision & Renewal of SBA Form 1050

• Revision & Renewal of SBA Form 1919

• Renewal of SBA Form 1971 (no revisions)

• Replacement of SBA Form 2449 with SBA Form 3518

In the past, the SBA has typically provided a minimum of 90 days' notice before new forms take effect. However, in this instance, the new forms were introduced with only a 30-day grace period. Our team is actively scrutinizing the form adjustments and has initiated development to ensure that SPARK aligns seamlessly with the updated logic and form outputs.

We're currently targeting the release of these updates in SPARK on Saturday, January 27th. We recognize that this falls slightly beyond the 30-day grace period. Nevertheless, given the substantial impact of these changes, this timeframe allows us ample room to conduct a thorough analysis, complete development, and rigorously test these important updates.

If you have any feedback or questions, please reach out to your Customer Success Manager or email us at support@lendwithspark.com.