Common use of Instructions for completing this Form Clause in Contracts

Instructions for completing this Form. The Agent must be identified, all services provided must be listed, and the party paying the fee and/or compensation and amount paid must also be disclosed (and itemized, when required). The SBA Lender must ensure that the Agent performing services is not debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation in this transaction by any Federal department or Agency. (See xxx.xxx.gov.) The SBA does not allow contingency fees (fees paid only if the loan is approved) or charges for services which are not reasonably necessary in connection with an application. A separate Form is required for each Agent (including an SBA Lender when the SBA Lender performs packaging services) that has or will receive compensation as part of the transaction. However, all services provided by the same Agent in connection with the same loan application may be listed on a single Form. When an Agent provides services to an Applicant in connection with multiple applications, separate Forms must be completed for each application.‌ If the aggregate compensation for all fees charged by the same Agent exceeds $2,500, the compensation must be itemized to include a detailed explanation of the actual services performed on an hourly rate or a percentage of the Loan amount. The Lender must include the supporting documentation submitted with this Form. When an Agent provides services in connection with multiple loan applications or multiple services in connection with the same application, the fees are aggregated for establishing the $2,500 threshold. All SBA Lenders must retain the original Form 159 in the Loan file. Additionally, a copy of the completed Form signed by all parties with supporting documentation must be submitted electronically to SBA’s Capital Access Financial System SBA Form 159 (08-21) Previous Editions Obsolete Page 1 of 4 (CAFS) at xxxxx://xxxxx.xxx.xxx. For 7(a) Loans, the documents must be uploaded in E-Xxxx Servicing within two SBA Form 1502 reporting cycles. For 504 Loans, the documents must be uploaded in the Corporate Governance Repository within 30 calendar days after the debenture funds. ❑

Instructions for completing this Form. The Agent must be identified, all services provided must be listed, and the party paying the fee and/or compensation and amount paid must also be disclosed (and itemized, when required). The SBA Lender must ensure that the Agent performing services is not debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation in this transaction by any Federal department or Agency. (See xxx.xxx.gov.) The SBA does not allow contingency fees (fees paid only if the loan is approved) or charges for services which are not reasonably necessary in connection with an application. A separate Form is required for each Agent (including an SBA Lender when the SBA Lender performs packaging services) that has or will receive compensation as part of the transaction. However, all services provided by the same Agent in connection with the same loan application may be listed on a single Form. When an Agent provides services to an Applicant in connection with multiple applications, separate Forms must be completed for each application.‌ If the aggregate compensation for all fees charged by the same Agent exceeds $2,500, the compensation must be itemized to include a detailed explanation of the actual services performed on an hourly rate or a percentage of the Loan amount. The Lender must include the supporting documentation submitted with this Form. When an Agent provides services in connection with multiple loan applications or multiple services in connection with the same application, the fees are aggregated for establishing the $2,500 threshold. All SBA Lenders must retain the original Form 159 in the Loan file. Additionally, a copy of the completed Form signed by all parties with supporting documentation must be submitted electronically to SBA’s Capital Access Financial System SBA Form 159 (08-21) Previous Editions Obsolete Page 1 of 4 (CAFS) at xxxxx://xxxxx.xxx.xxx. For 7(a) Loans, the documents must be uploaded in E-Xxxx Servicing within two SBA Form 1502 reporting cycles. For 504 Loans, the documents must be uploaded in the Corporate Governance Repository within 30 calendar days after the debenture funds. ❑