Extension without change of a currently approved collection
36 Months From Approved
This form is required to be completed
at the time of first disbursement by lenders and small business
owners for all 7(a) loans that are closed and disbursed with the
exception of 7(a) Small, Community Advantage, SBA Express and
Export Express loans. SBA uses the information to help determine
whether loans were disbursed in compliance with SBA requirements,
to obtain certifications to such compliance. The form also notifies
lenders of their obligation to retain completed forms.
The burden hours for SBA Form
1050 have increased since the last submission of the PRA package
due to an increase of the projected annual loan volume and the
hourly rate increase for a GS-12 level employee.