SBA Allows Scanned Copies Of Documents During COVID-19 Crisis

The SBA permits SBA Lenders to use electronic signatures on SBA forms and other documents requiring signatures on 7(a) and 504 business loans provided they comply with Standard Operating Procedure 50 10. 

But with social-distancing directives and shelter-in-place orders making original and electronic signatures difficult or impossible, the SBA issued a Procedural Notice relaxing signature requirements temporarily.

From March 24, 2020, until September 30, 2020, where electronic signatures are not feasible, all SBA Lenders may accept scanned copies of signed applications and loan documents, provided the SBA Lender also obtains:

1. A copy of the individual's driver's license or another valid form of identification (front and back); and