Extensions of submission due dates Sample Clauses

Extensions of submission due dates. (1) An SBA Supervised Lender may re- quest in writing to SBA that SBA ex- tend its report due date. The request must reference the report and its due date, state the reasonable cause for ex- tension, and assert how much addi- tional time is needed in order to sub- mit a complete report. SBA will advise SBA Supervised Lender in writing as to whether it approved or denied the ex- tension request. If SBA determines that there is reasonable cause to grant an extension and it is not due to willful neglect, SBA will establish a new due date. Such determination as to willful neglect and reasonable cause is in SBA’s discretion. SBA will consider the following factors in determining willful neglect: (i) Whether the SBA Supervised Lender failed to file required reports for more than two reporting periods and (ii) If SBA provided the SBA Super- vised Lender notice of the failure to file and the SBA Supervised Lender failed to respond or failed to provide a reasonable explanation for the filing failure in its response. (2) If SBA disapproves the extension, the due date remains the same. The civil penalty accrues regardless of whether the SBA Supervised Lender files an extension request. If SBA ap- proves the extension, SBA will waive the civil penalty that has accrued so far for that particular report. However, a new civil penalty will accrue if the SBA Supervised Lender does not sub- mit a complete report by the new due date established by SBA.
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Related to Extensions of submission due dates

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