SBA Form 1502 ( ) OMB No. Format of RequestData, if any. Start your business in 10 steps. U.S. Small Business Administration, 409 3rd St, SW. Washington DC 20416. 4 0 obj To cancel an SBA guaranty, send your request via email to loanresolution@sba.gov. PPP Form 1502 Released for Lenders Fees & Reporting Requirements, Beyond COVID: The Evolution of Senior Care Within the Healthcare Ecosystem, Change Clari3ty Is the Strategic Differentiator in Combating Change Saturation and Burnout, Global Pandemic Impact on Nonprofit Financial Position, HFMA Healthcare 2030 Supplement: Disruption Is Real, 3 Dimensions to Employee Burnout in Dealerships, Intellectual or Developmental Disabilities & Behavioral Health, 5 percent for loans of not more than $350,000, 3 percent for loans of more than $350,000 and less than $2 million, 1 percent for loans of at least $2 million, If the PPP loan is canceled before disbursement, If the PPP loan is canceled or voluntarily terminated and repaid after disbursement but before the borrower certification safe harbor date of May 18, 2020(including if a borrower repays the PPP loan because of a misunderstanding or misapplication of the borrowers certification regarding the necessity of the PPP loan request), If the PPP loan is canceled, terminated or repaid after disbursement (and after the borrower certification safe harbor date) because the SBA conducted a loan review and determined the borrower was ineligible for a PPP loan. 3 0 obj On the month-end 1502, report the loan as a Status Code 6, with the Guar. Loans reported with an inaccurate status code According to OCRM, if a next installment due date is erroneously reported as late on a 1502 Report and corrected on subsequent 1502 Reports, the late payment could affect your institution's overall delinquent loan rating for up to 36 months. "#zT"/p*$[p1F~%^'"l rv7'5KS+xizknm Read on for details. SBA Form 1502 Field Descriptions The "Lender Information" field requires the lender's name, address, point of contact and phone number. SBA Form 1502 Reporting Instructions 1502 : Reporting Common Errors / Exceptions - January 9, 2023 CY 2023: Due Dates Calendar - November 29, 2022 Paycheck Protection Program: SBA Form 1502 Reporting - January 13, 2022 Payments to FTA: Payment Instructions - Lenders - October 19, 2021 (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. 48. The processing fee also is subject to clawback if the lender does not satisfy its lender program requirements, including document collection and retention. As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. SBA Form 1502 Report by the designated deadline. endobj Tips for Best ExperienceRead this document PRIOR to course start date, refer to when joining class, Please print materialsPRIORto course start date, for use during class A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. 2023 The documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. LENDER TRAINING: 1502 Reporting by Guidehouse LENDER TRAINING: 1502 Reporting by Guidehouse Date and time Thursday, August 18, 2022 11:00 a.m. - 12:30 p.m. EDT Location Online Organizer WV District Office wvinfo@sba.gov Host organization US Small Business Administration - WVDO Type of event SBA event Event description An outstanding guaranteed balance must be provided for every line of 1502 reporting on loans that have been disbursed. All rights reserved. endobj 3 0 obj p: FormatIn; Optional. 2023 NAGGL, Inc., Membership Management Software Powered by, (If you are unable to print due to security restrictions, please, Instructions to Print Your Certificate or Transcript >, NAGGL Final Comment Letter on SBLC Moratorium Rescission, Virtual Course: How to Get SBA to Honor Its Guaranty, Virtual Course: Addressing Legal Issues in 7(a) Servicing and Liquidation. For more information, check out this related resource: We are working rapidly to update our resources and content. %PDF-1.7 Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. SBA.com is not SBA.gov. stream As with most topics related to COVID-19, changes are being made rapidly. 3 0 obj During this webinar, Victor Cruz from Guidehouse will provide a complete overview of the 1502 reporting process in addition to recommendations for best reporting practices. NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. We have no affiliation with the U.S. Small Business Administration or any other government agency. Will contain details . See the guide Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. >Z{)=dFS/_)JYKRz _1!m@Y*p&SS)l;H-{9+B. Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. stream Lenders must submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after the loan is disbursed or canceled, whichever is later. For additional SBA loan compliance information, contact the experts atInnovative Financing Solutionstoday! Contact Us, Copyright 2023 -Innovative Financing Solutions|Powered by, Five Tips for Avoiding SBA 1502 Reporting Errors and Penalty Fees, 5000-843620 2nd Quarter Peg Rate, Direct Interest Rate and Maximum Interest Rate of a ThirdParty Lender Loan for a 504 Project, Important Notice: Notice of Proposed Rulemaking on Affiliation and Lending Criteria for the SBA Business Loan Programs, Fee Disclosure and Compensation Agreement For use with 7(a) and 504 Loan Programs, Lender Update: 5000- 843625 IRS issues updated IRS Form 4506-C. FORVIS, LLP. We are a private business providing resources for small businesses, including resources for PPP loans. Read on for details. | 9:00-11:00 am Central Not the same as SBA Status Codes 9 = Fully Undisbursed - Once a revolver loan has been disbursed, should not be reported as status code 9. The due date for transmitting loan account updates and payments to Colson is the third calendar day of each month, or the next business day thereafter if the third calendar day of the month is not a business day, plus a two-business day grace period. Not sure where to start? :S(hsw]o6_E=QoQ8**/K|V1A+J. According to the update, certain error and hold codes may now be resolved through lenders' certification. Read on. x]ko6 Ae"Q A lock ( - 11:00 am-1:00 pm LIVE Daily Presentation:January 12 The resolution process to clear hold and error codes is expected to be available today. During this webinar, Victor Cruz from Guidehouse will provide a complete overview of the 1502 reporting process in addition to recommendations for best reporting practices. secure websites. This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through revisions to SBAs interim final rules providing an extension to the certification safe harbor and the deadline for SBA Form 1502 reporting. Under SBAs interim final rule on disbursements, posted April 28, 2020, lenders must disburse PPP loans within 10 calendar days of loan approval; a loan is considered approved when the loan is assigned a loan number by SBA. 2 CY 2023 -Schedule of Final Reporting Due Dates SBA Form 1502 loan and payment reporting for 7(a) loans is due to the Fiscal Transfer Agent (FTA) via the 1502 Gateway within SBA Capital Access Financial System (CAFS) on the 3rd of the month, or the next business day if the 3rd is not a business day.The SBA To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. One of the most important requirements of SBA lending relates to the lenders monthly reporting requirements utilizing SBA Form 1502, Guaranty Loan Status & Lender Remittance Form. The original deadline for lenders submission of the initial SBA Form 1502 was May 22, 2020. Checkout our latest new and noteworthy headlines. You have reached SBA.com. % 5@fkrv,h@ oN1%vPX%PH! Common reporting error: the sum of guaranteed . Additional details for resolving hold and error codes through SBA review, duplicate loans and multiple DUNS issues, and more can be found in the procedural notice. A private code that authorizes use of SoftwareVendorName. Failure to accurately report payment or disbursement activity during the month. endobj . Parent field, will contain all items passed through: items; Mandatory. %PDF-1.7 Guidance on SBA 1502 Reporting. the .gov website. For payoff funds, submit SBA Form 1502 without Status Code 6 but with the payment information which brings the Guaranteed Portion Closing Balance to $0.00. See our Advertiser Disclosure for more information on how we try to connect you with a small business lender. Nothing may be used in any manner or reprinted in whole or So as the carpenters say, "Measure twice. Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer 01:50 How do you register and sign up for 1502 reporting as a lender? Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. To avoid an error from Colson, the lender must simply report a status code "9" associated with all fully undisbursed loans in the Form until the loan is closed and disbursed. PK ! Cut once." You need to do it right so the SBA won't kick it back for you to do all over again. 4 0 obj An official website of the United States government. This article offers three steps to reverse the impact. And although these, Subscribe to our content or get in touch with us today. PPP (12) Small Business Advice (or "SBA" or SBA.com") offers business advice, information and other services related to the formation, financing, operation and management of businesses. BKD will continue to follow this developing situation. Once a loan has been paid-in-full, you should 1) notify loanresolution@sba.gov of the paid-in-full status and 2) report the loan as a code "6" on your next monthly 1502 report. Action to be taken: Based on the status of the loan, update the Next Installment Due Date on the 1502 Gateway: Current Date of next scheduled payment Regulations.gov Lenders must provide monthly 1502 reports that include loan status information regardless of whether the borrower made a payment in the current month; all PPP loans are deferred for the first six months. If a loan balance remains after forgiveness, the lender must report the reduction in the loan balance for the forgiveness amount on the next SBA Form 1502 and must service the loans remaining balance in accordance with PPP requirements. The importance of properly completing this form cannot be understated. Read on to learn more, This supplement of the HFMA Healthcare 2030 Series highlights analyses of findings from supporters of the four-part series looking at, The COVID-19 pandemic, and each subsequent wave of variants, have profoundly challenged the auto dealership industry. <> endobj Eastern| 10:00 am-NoonCentral !=m3$NK\inmRT!WocmA t%B|IXmVf\({v?XEiTG#. If this page doesn't take you immediately to the Login Page, try this hotlink instead: Return to Login Page (This stepping-stone page is necessary to prevent nested frames.) xZn7}4 $Hk}BYTi] 6In{9g3Cm,y39nb>O/oYMf\_|}?d5dpOl5\ s]-L0c47Z%_:v'>X]2:wN$mw86;N(,HA!7jGjF*3bOJi56a w:EUvt 6]#{| L50'Z?^wDW;E=Gq[xs7u[pBJ9@ ?+UJq endobj <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm Lenders must continue reporting on a loan until the lender notifies the SBA that the loan has been fully repaid. Form 1502 Reporting Change Form 1502 is the standard remittance form used to report information on the 7(a) loans in a lender's portfolio, such as secondary market payments, guaranty balance and loan status information, and SBA's annual servicing fee. 3245-0185 Expiration Date: Guaranty Loan Status & Lender Remittance Form Check box if lender information reflects changes F Check box if secondary market payment O reported is a late payment or prepayment Lender's Name: Lender's Street Address: L D Lender's City, State, Zip: Lender's Contact Person: This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. 1 0 obj endobj Lock SBA is extending the deadline for lenders to electronically upload the initial SBA Form 1502 to May 29, 2020, or 10 calendar days after disbursement or cancellation of the PPP loan. The SBA indicated it will randomly sample loan files where a lender has submitted a lender certification to remove hold or error codes to verify appropriate information and documentation was obtained by the lender. SoftwareVendorName; Mandatory. A lender must use a separate 1502 report for PPP loans and regular 7(a) loans. 3150 Township Line Road Below is the official answer from Q48 as of May 19, 2020. stream This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through . Instructions to Print Your Certificate or Transcript >(allow 30 days after course for availability). endobj 2023 The NAGGL training materials attached here were created and copyrighted by the National Association of Government Guaranteed Lenders, Inc. with all rights reserved. In summary, taking the appropriate measures to ensure loans are accurately reported upon monthly to the SBA can save significant time, costs, and resources by avoiding complex reconciliation efforts to rectify past mistakes and costly penalty fees. Providing credit unions with the best federal advocacy, education and compliance assistance in the industry x\moF aBbN zK1p8HLT"u73(-UGP|ggv^|f 7xr_NWf,~}ZoinfS^fWo^+`3iV+_}3n^pO8V\)v{l/~NnFyTk5|>p^&s:'t XML or JSON. 1 0 obj Drexel Hill, PA 19026 WhiteHouse.gov. Effective Mid-March 2017, the Next Installment Due Date is the primary data element used by SBA to determine currency for both term and revolving loans. By clicking "continue" and using this site, you acknowledge that you have read and understand this message. PPP 2.0 New Round & Second-Draw Details, FAQ About Paycheck Protection Program (PPP) Loans, https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf, California Residents: Do Not Sell My Personal Information. Lenders must submit these completed forms to the SBAs 7(a) Fiscal and Transfer Agent, Colson Services Corp. (Colson). Guaranteed Portion Closing Balance must be greater than zero. Second Updated Paycheck Protection Program Lender Processing Fee Payment and 1502 Reporting Process 404 Page not found Just like a business on the moon, the page you're looking for doesn't exist. | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm Please note that this information is current as of the date of publication. The SBA began accepting filings on May 22, 2020. Lenders must submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after . 4 0 obj The SBA began accepting filings on May 22, 2020. Telephone:(610) 228-4654 Nonprofit organizations across the country have seen lingering effects from the COVID-19 pandemic. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> <> Reporting a loan paid in full. See our Advertiser Disclosure. endobj <>/Metadata 1801 0 R/ViewerPreferences 1802 0 R>> A .gov website belongs to an official government <> Mandatory. Portion Principal That interim final rule also provides that loans for which funds have not been disbursed because a borrower has not submitted required loan documentation within 20 calendar days of loan approval shall be cancelled by the lender. <> 2 0 obj endobj All attendees who do not properly connect audio will be asked to reconnect. Check [ ] the box in the . Direct Access and submission of Form 1502 via SBA's Capital That said, Form 1502 is tremendously complicated. The change in process is related to the SBA's new process to conduct front-end compliance checks on loan guaranty applications for new first- and second-draw PPP loans. SBA 7(a) Secondary Market Certificate Transfers, SBA 7(a) Secondary Market Pooling Program, March 2023: Fiscal Transfer Agent Services for SBA 7(a) Secondary Market, Secondary Market 7(a) Loans: New Investor Handout, Interest Rates: February 2023: SBA LIBOR Rates, Interest Rates: February 2023: Low Wall Street Journal Prime Rates, Interest Rates: February 2023: New Maximum Allowable Fixed Rate for 7(a) Loans, Interest Rates : January 2023: SBA Optional Peg Rates, 10 Day Notice Processing Application: User Guide, Program Guidelines: PPP Loans: How to Decrease Amount in ETRAN, Program Guidelines : PPP Loans: How to Increase Loan Amount in ETRAN, CAFS : API - Interconnection Security Agreement (ISA), CAFS: FTA Portal User Application Access Matrix, 1502 : Reporting Common Errors / Exceptions, Paycheck Protection Program: SBA Form 1502 Reporting, Payments to FTA: Payment Instructions - Lenders, SBA Annual Servicing Fee: Rate and Description, SBA Form 1502 Reporting: Prime Rate Change, SBA Form Instructions: 1502 Field Descriptions, 1502 CARES Module : 1112 Monthly Report Excel Template, 1502 CARES Module : PPP Fee ACH Disbursements to Lenders, SBA Form : Special Remittance: Prior SBA Fees, Lender Training: Resolution to Common Issues, Payments to FTA: Payment Instructions - Brokers/Dealers, SBA Form Instructions: Form 1086 User Guide, SBA Form Instructions: 1086 Field Descriptions (Updated December 2021), Secondary Market: Brokers' Standardized Bid Sheet, Settlements : Broker / Dealer Fee Account Form, Settlements Express: Frequently Asked Questions, 7(a) Secondary Market: Frequently Asked Questions, Program Guidelines: Secondary Market Loan Sales Guide, Program Guidelines : Secondary Market: Overview for Investors, SBA Form Instructions: 1088 Field Descriptions, SBA Form Instructions: 1454 Field Descriptions, Program Guidelines: Guaranteed Loan Pool Certificate. Per the original term sheet, the SBA will pay the following amounts as a lenders processing fee: While lenders must file Form 1502 data for all PPP loans disbursed or canceled, lenders will not be paid a processing fee in the following cases: The lender processing fees may be clawed back within a year after disbursement if the SBA later determines the borrower to be ineligible, although this determination will not affect the SBA guaranty for the loan provided the lender has complied with all other PPP obligations. Lori McCausland, Senior Associate, J.R. Bruno and Associates 01:55 FORVIS is a trademark of FORVIS, LLP, registration of which is pending with the U.S. Patent and Trademark Office. After a loan forgiveness purchase, if no loan balance remains, the lender must report the PPP loan as paid in full on the next Form 1502 report. {*+5dC%jNXOk;y~GcR* QggLK"ZJ0:j[ul? The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. 1/30/2023SBA Community Advantage Lender Training, 1/6/2023NAGGL Final Comment Letter on SBLC Moratorium Rescission, 3/2/2023WEBExpress: Prudent Loan Closing, 3/6/2023 3/7/2023Virtual Course: How to Get SBA to Honor Its Guaranty, 3/6/2023 3/7/2023Virtual Course: Addressing Legal Issues in 7(a) Servicing and Liquidation, 11330 Legacy Dr #304 Frisco, TX 75033 | 469.293.9229 | info@naggl.org, Copyright All rights reserved. Lenders can obtain additional documentation to clear hold codes on loan applications, but do not have to submit these documents to the SBA at this time. We donotrecommend using the call in feature to connect to audio.With this option you MUST enter your ATTENDEE ID to participate in this course (provided after you join the meeting). On May 21, 2020, the U.S. Small Business Administration (SBA) released instructions for lenders on filing Form 1502, which is the process for reporting fully disbursed Paycheck Protection Program (PPP) loans and collecting the related processing fee. None of the information on this site constitutes legal advice. Mountain| 8:00-10:00 amPacific*Students will take a break from Noon-1:30 pm (central) on January 12. organization in the United States. U.S. Small Business Administration409 3rd Street SWWashington, DC 20416800-827-5722, Women-Owned Small Business Federal Contract program, 7(j) Management and Technical Assistance program, Natural Resource Sales Assistance program, Procurement Center Representative directory, Small Business Development Centers (SBDC), Veterans Business Outreach Center (VBOC) program, LENDER TRAINING: 1502 Reporting by Guidehouse. For PPP loans by May 29, 2020 changes are being made rapidly agency! 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