One of the biggest hurdles related to Section 1071 is collecting the Business Ownership Status. First, your lenders need to understand that this applies to all applicable small businesses, from mom-and-pop sole proprietors to entities. You must have procedures to ensure you request the information, but the applicant is under no obligation to provide it. If the application is taken over the phone, there are disclaimers that must be read to the applicant prior to requesting the information.
Jerod explains more in the video.
Published
2024/05/22