Starfield & Smith, P.C.

03/02/2022

Read the Best Practices article by Kimberly Rayer

Recently SBA has issued two procedural notices related to PPP and certain 7(a) loans approved under the CARES Act, as amended by Section 325 of the Economic Aid Act, and the Second Round Section 1112 Payments that are authorized for the 7(a), 504, and Microloan Programs. Partial Loan Forgiveness SBA...

03/02/2022

CONGRATULATIONS!
Starfield & Smith, P.C. is proud to announce that Lyndsay E. Rowland has been elected as a Shareholder of the Firm.

02/28/2022

CONGRATULATIONS!
Starfield & Smith, P.C. is proud to announce that Jessica L. Conn has been elected as a Shareholder of the Firm.

01/20/2022

Read our latest Best Practices article by Ethan Smith

SBA lending, with its myriad rules, regulations and ever-changing guidelines, has always been a challenge for compliance-minded lenders. One of the most difficult SBA topics for lenders to deal with has been affiliation, with its multiple ways for businesses to be deemed affiliated with one another....

12/29/2021

In observance of the holiday, Starfield & Smith, PC will be closed on Monday, January 3rd. Happy New Year!

12/23/2021

In observance of the holiday, Starfield & Smith, P.C. will be closed tomorrow, December 24th. Happy holidays!

12/20/2021

Even while remote, we know how to keep the festivities alive. Happy Holidays from everyone at Starfield & Smith!

12/15/2021

Read our latest Best Practices article, by Katherine Tohanczyn

On September 1, 2021, the Consumer Financial Protection Bureau (CFPB and/or Bureau) issued a notice of proposed rulemaking (NPRM) requesting public comment on its proposed rule to implement Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).[1] The publica...

12/08/2021

Read our latest Best Practices article, by Jen Borra.

In order to properly document and close an SBA 7(a) loan, lenders must exercise care to ensure that loan proceeds are disbursed in strict accordance with the lender’s credit memo, SBA loan authorization, and SBA Form 1050. SBA cites failure to use loan proceeds as required by the SBA loan authoriz...

12/01/2021

Read our latest Best Practices article, by Timothy D'Lauro.

Weather disasters and flooding can significantly impact a small business’s viability. When businesses financed with SBA loans suffer damages from flooding, losses can extend to the lenders that advanced the loans as well as to the SBA. Therefore, it is crucial for SBA lenders to understand when fl...

11/17/2021

Read our latest Best Practices article, by Norman Greenspan

Shortly after the CARES Act was enacted, and the PPP loan program began, the lawsuits started. From the beginning, there was concern that the PPP loan demand would exceed the amount of funding resulting in legal battles. Class action lawsuits were filed claiming that the “first come, first served....

11/10/2021

Read our latest Best Practices article, by Lyndsay Rowland

Any lender that has received a recommendation for a guaranty denial from the SBA is familiar with the process involved. A lender submits its guaranty purchase package to the Agency. In most cases, SBA honors the guaranty and will purchase the guaranteed portion of the loan. However, if it does not,....