a. The SBA Lender must:
i. Identify the Beneficial Owners of 20% or more of the Applicant and the 401(k) plan, including but not limited to, the Trust, corporations, individuals, etc.;
This was not in any previous version of the SOP.
I agree, that my understanding is that lenders always had to obtain a personal guaranty from any owners over 20%, but this requirement seems different in that the Lender must now report "beneficial owners" to the SBA in the system. Am I just reading too much into this from a BSA/AML perspective and reading our rules into a separate SBA requirement that the lenders need to be collecting for their purposes?