SBA update - Citizenship requirements, California fraud, & EIDL collections

The SBA recently updated its SOP to reflect changes to citizenship status. The requirement states that 100% of all direct and/or indirect owners of small business applicant be a U.S. citizen or U.S. national who have their principal residence in the United States. Additionally, the SBA is going after fraud in California, specifically around PPP and EIDL loans made during COVID. The SBA is also ratcheting up debt collection of EIDL loans that are in default. Finally, Rocco Perate leaves Meridian Bank to start a new SBA lending firm called Lafayette Square SBLC. This episode reviewed multiple articles from The Business Journals and The Epoch Times.