Client Alert
New SBIC Submission Schedule for Financial Report Filings
Client Alert
New SBIC Submission Schedule for Financial Report Filings
March 26, 2019
Due to the lapse of appropriations from December 22, 2018, through January 25, 2019, and the corresponding unavailability of SBIC-WEB during the shutdown, the U.S. Small Business Administration (“SBA”) has announced an updated submission schedule for certain financial report filings.
A small business investment company (“SBIC”) seeking any of the following approvals from the SBA must still submit its annual Form 468 by the regulatory due date of March 31, 2019: (i) greenlight letter for a subsequent fund; (ii) license for a subsequent fund, and the SBIC has filed or anticipates filing a formal application by April 30, 2019; (iii) commitment; (iv) any distribution requiring SBA prior approval; (v) overline; (vi) conflicts of interest; (vii) wind-up plan; or (viii) management change.
SBICs not seeking any of the foregoing approvals are generally asked by the SBA to follow the following submission schedule for Form 468 filings that would otherwise be due on March 31, 2019, and April 30, 2019, unless otherwise notified by the SBA:
| Leverage/Status | Submission Date for Annual Form 468 for Period Ending 12/31/2018 | Submission Date for Quarterly Form 468 for Period Ending 3/31/2019 |
| Outstanding SBA-guaranteed leverage and commitments greater than or equal to $90 million | 4/15/2019 | 5/15/2019 |
| Outstanding SBA-guaranteed leverage and commitments less than $90 million but greater than or equal to $40 million | 4/22/2019 | 5/22/2019 |
| Any other SBIC with outstanding SBA-guaranteed leverage and commitments, or intends to seek SBA leverage in the future or has earmarked assets | 4/29/2019 | 5/29/2019 |
| Any SBIC monitored by the Office of SBIC Liquidation | 5/6/2019 | 6/5/2019 |
| Any other SBICs (non-leveraged and not intending to seek leverage in the future) | 5/13/2019 | n/a |
The SBA does not expect to approve further extensions but will evaluate requests received prior to the applicable submission date on a case-by-case basis. If you have any questions regarding your reporting requirements or deadlines, please contact your SBIC counsel at Winston & Strawn LLP.
