This form is to be completed monthly by lenders participating in the SBA's 7(a) loan program in order to collect payment and loan information. #P;? 4 0 obj For additional SBA loan compliance information, contact the experts atInnovative Financing Solutionstoday! SBA Form 1502 Field Descriptions The "Lender Information" field requires the lender's name, address, point of contact and phone number. Check [ ] the box in the . 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). 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. An outstanding guaranteed balance must be provided for every line of 1502 reporting on loans that have been disbursed. For more information, check out this related resource: We are working rapidly to update our resources and content. 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. If you have questions about these changes, contact your BKD Trusted Advisor today. PK ! . Lori McCausland, Senior Associate, J.R. Bruno and Associates 01:55 secure websites. A lock ( Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. 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. We are a private business providing resources for small businesses, including resources for PPP loans. 1 0 obj Cut once." You need to do it right so the SBA won't kick it back for you to do all over again. All rights reserved. p: The Small Business Administration (SBA) Wednesday issued a new procedural notice to revise procedures related to hold codes on first-draw paycheck protection program (PPP) loans and other error messages. SoftwareVendorName; Mandatory. Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. 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 The exact status of ongoing loans is not released by the SBA. A locked padlock Read on for details. endobj SBA Form 1502 ( ) OMB No. Value from Code Tables, Vendor Table. A private code that authorizes use of SoftwareVendorName. Failure to accurately report payment or disbursement activity during the month. 1 0 obj This article offers three steps to reverse the impact. 2023 The NAGGL training materials attached here were created and copyrighted by the National Association of Government Guaranteed Lenders, Inc. with all rights reserved. The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. 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. Common reporting error: the sum of guaranteed . 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. See Format IN/OUT Defaults. Nonprofit organizations across the country have seen lingering effects from the COVID-19 pandemic. Share sensitive information only on official, Provided for POST-COURSE reference, not necessary to print for use during class: 03-FTA Payment Instruction Change Notice >, 09-Monthly SBA Form 1502 Submission Period >, STEP #2CONNECT YOUR AUDIO (Multiple Options), Call Using Computerconnect directly using your computer speakers and microphone(recommended), Use Phone Call me atenter your phone number to have the system call you directly. 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. {*+5dC%jNXOk;y~GcR* QggLK"ZJ0:j[ul? [Content_Types].xml ( TN0#qj# `mb-6B4Kwfvlq^E^c}7XdW{lDGDAkjeTzZxQ-nJLZ!j0A]cLv :&1r+gNgy}{E\Psei;!?`'A\:-Ed_3uFYnG+:d."m/CJ`=:LRY\?hW+o:#BD\=,laOap. 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. 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. U.S. Small Business Administration, 409 3rd St, SW. Washington DC 20416. 2 0 obj The documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. FORVIS, LLP. Will contain details . 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. This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. Central The SBA began accepting filings on May 22, 2020. Please note that this information is current as of the date of publication. stream Telephone:(610) 228-4654 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 The SBA began accepting filings on May 22, 2020. See our Advertiser Disclosure. stream 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. 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. %PDF-1.7 SBA 1502 Form Field Descriptions A. LIVE Daily Presentation:January 12 Instructions to Print Your Certificate or Transcript >(allow 30 days after course for availability). 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. endobj 5@fkrv,h@ oN1%vPX%PH! <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. Change saturation and burnout are impacting healthcare systems. endobj The last day of the month for which the form is being completed should be specified in the "Month-Ending Information" field. 3150 Township Line Road Checkout our latest new and noteworthy headlines. Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. 2 0 obj | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm None of the information on this site constitutes legal advice. 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. Lenders must continue reporting on a loan until the lender notifies the SBA that the loan has been fully repaid. Read on for details. 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. Start your business in 10 steps. With many banks continuing to receive hold codes and compliance check error messages when submitting first- and second-draw Paycheck Protection Program loan applications, the Small Business Administration today issued a second procedural notice with new instructions for lenders to clear these codes and move applications forward. 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. Official websites use .gov The processing fee also is subject to clawback if the lender does not satisfy its lender program requirements, including document collection and retention. Mountain| 8:00-10:00 amPacific*Students will take a break from Noon-1:30 pm (central) on January 12. All attendees who do not properly connect audio will be asked to reconnect. Below is the official question from Q48 as of May 19, 2020. The original deadline for lenders submission of the initial SBA Form 1502 was May 22, 2020. PacificJanuary 13 This website is not a lender and does not accept loan applications, assist with loan applications, broker loans, make loans or make any credit decisions. This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through . Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer 01:50 How do you register and sign up for 1502 reporting as a lender? Lenders must submit these completed forms to the SBAs 7(a) Fiscal and Transfer Agent, Colson Services Corp. (Colson). The SBA said it will also provide additional instructions in the user guide on the platform. As with most topics related to COVID-19, changes are being made rapidly. Return to the home page, or search for what you're trying to find. Not sure where to start? 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. So as the carpenters say, "Measure twice. Guaranteed Portion Closing Balance must be greater than zero. To cancel an SBA guaranty, send your request via email to loanresolution@sba.gov. <> 4 0 obj 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. % in part without written permission from NAGGL. 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. 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.) By clicking "continue" and using this site, you acknowledge that you have read and understand this message. 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. Mandatory. 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. Lenders must submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after . An official website of the United States government. Secure .gov websites use HTTPS Visit BKDs COVID-19 Resource Center to learn more. %PDF-1.7 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. 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: Read on. Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. 2 0 obj Parent field, will contain all items passed through: items; Mandatory. SBA Form 1502 reports highly detailed information about each SBA loan including installment due dates, the amount disbursed during the current period, the amount undisbursed on the total loan, interest rate, guaranteed portion interest payments, guaranteed portion principal payments, interest paid to and from dates, ongoing SBA guarantee fees due, principal and interest participation remittances to investors who purchase the guaranteed portion of the loan, prepayment/payoff information, and liquidation status information. Providing credit unions with the best federal advocacy, education and compliance assistance in the industry, 2023 National Association of Federally-Insured Credit Unions, CECL Study: Alternatives, Impacts, Accuracy, and Complexity, SBA explains PPP hold, error codes in new notice, The Check is in the Mail Unless Its Been Stolen, http://www.youtube.com/user/NAFCUtv?feature=g-all-u. 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 As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. stream !=m3$NK\inmRT!WocmA t%B|IXmVf\({v?XEiTG#. Answer: SBA is extending the deadline for lenders to submit the initial SBA Form 1502. <> And although these, Subscribe to our content or get in touch with us today. 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. <> SBA is extending the deadline for lenders to electronically upload the initial SBA Form 1502 reporting information to the later of: (1) May 29, 2020, or (2) 10 calendar days after disbursement or cancellation of the PPP loan. A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. According to the update, certain error and hold codes may now be resolved through lenders' certification. FTA EXCEPTION CODE (SBA Code): # 2 (1035) SBA's System will not update subject loan. Nothing may be used in any manner or reprinted in whole or 2023 Regulations.gov See our Advertiser Disclosure for more information on how we try to connect you with a small business lender. - 11:00 am-1:00 pm <> :S(hsw]o6_E=QoQ8**/K|V1A+J. There is no limit on how frequently lenders can submit 1502 reports. endobj endobj To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. PPP (12) Access the association's PPP FAQs here. - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm organization in the United States. Format of RequestData, if any. 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