endobj A locked padlock Lenders must submit these completed forms to the SBAs 7(a) Fiscal and Transfer Agent, Colson Services Corp. (Colson). 3150 Township Line Road {*+5dC%jNXOk;y~GcR* QggLK"ZJ0:j[ul? endobj <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> See allFORsights for the most up-to-date articles, webinars, and videos. (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. A .gov website belongs to an official government You have reached SBA.com. We are a private business providing resources for small businesses, including resources for PPP loans. 4 0 obj And although these, Subscribe to our content or get in touch with us today. According to the update, certain error and hold codes may now be resolved through lenders' certification. 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. <> Include the loan name and number in your email. 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. endobj Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. 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. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Nothing on this website is an offer or a solicitation for a loan. 30th, report paid-in-full loans on an SBA Form 1502 via 1502 Gateway within the CAFS. The original deadline for lenders submission of the initial SBA Form 1502 was May 22, 2020. items; Mandatory. Read on for details. This form includes loan status information for all SBA guaranteed loans, regardless of whether the borrower made a payment in the current month. Guidance on SBA 1502 Reporting. . stream Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer 01:50 How do you register and sign up for 1502 reporting as a lender? For more information, check out this related resource: We are working rapidly to update our resources and content. The documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. 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. As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. | 9:00-11:00 am secure websites. Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. If you have questions about these changes, contact your BKD Trusted Advisor today. Drexel Hill, PA 19026 !=m3$NK\inmRT!WocmA t%B|IXmVf\({v?XEiTG#. The last day of the month for which the form is being completed should be specified in the "Month-Ending Information" field. 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. 4 0 obj The SBA began accepting filings on May 22, 2020. 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. Lock - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm 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. 2023 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. Reporting a loan paid in full. 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. Secure .gov websites use HTTPS Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. SBA.com is not SBA.gov. The SBA may review the payment of the processing fee at forgiveness purchase or any other time and if the SBA determines the fee was paid for an incorrect amount, the lender is responsible for repaying the fee. Checkout our latest new and noteworthy headlines. <>/Metadata 766 0 R/ViewerPreferences 767 0 R>> 3 0 obj XML or JSON. An official website of the United States government. 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.) 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. %PDF-1.7 SBA Form 1502 ( ) OMB No. A lock ( Check [ ] the box in the . % [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. 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. Instructor:Christopher Anthony (Guidehouse). (|U>goUMm.6.#j"50>U2IF:[vm_e'],[+[~f'&Vf;3{Hjjs NbXaf|\aH,6ctlF:XyY.6ZR0|\&_r_tUQMz`A\+J9i1)TFE&"DFM8y1,N@H2G[$BC$G8@2uLc0N. @EFf+Xc0SehEL:E%6E'R R"_GG?>y%;bji2'[A 5PLk u(a@2^UF_?Y+K{6Hxs\X.4T0)w#&ou oQ\y?5:%vaY;k :0DEiNSjKqqZd*U}yn`0d8qX!g&d~kS[| |},y0?R(*&I8:L"b(CYNr6"HI}ukmvXJ_ UQHL=@~{pOda\uI\J9Kb.gfr:f: 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. 48. U.S. Small Business Administration, 409 3rd St, SW. Washington DC 20416. 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. 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. 1 0 obj FORVIS, LLP. This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. Change saturation and burnout are impacting healthcare systems. For payoff funds, submit SBA Form 1502 without Status Code 6 but with the payment information which brings the Guaranteed Portion Closing Balance to $0.00. organization in the United States. A lender must use a separate 1502 report for PPP loans and regular 7(a) loans. The processing fee also is subject to clawback if the lender does not satisfy its lender program requirements, including document collection and retention. Nothing may be used in any manner or reprinted in whole or %PDF-1.7 - 11:00 am-1:00 pm That interim final rule also provides that loans for which funds have not been disbursed because a borrower has not submitted required loan documentation within 20 calendar days of loan approval shall be cancelled by the lender. >Z{)=dFS/_)JYKRz _1!m@Y*p&SS)l;H-{9+B. SBA Form 1502 Field Descriptions The "Lender Information" field requires the lender's name, address, point of contact and phone number. Cut once." You need to do it right so the SBA won't kick it back for you to do all over again. "#zT"/p*$[p1F~%^'"l rv7'5KS+xizknm 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. Format of RequestData, if any. stream This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. Visit BKDs COVID-19 Resource Center to learn more. SBA.gov Lori McCausland, Senior Associate, J.R. Bruno and Associates 01:55 endobj p: 4 0 obj See our Advertiser Disclosure. 2 0 obj FormatIn; Optional. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. See Format IN/OUT Defaults. That said, Form 1502 is tremendously complicated. See our Advertiser Disclosure for more information on how we try to connect you with a small business lender. 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). % 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. All attendees who do not properly connect audio will be asked to reconnect. Read on. This article offers three steps to reverse the impact. Nonprofit organizations across the country have seen lingering effects from the COVID-19 pandemic. Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. 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 Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. PacificJanuary 13 FORVIS is a trademark of FORVIS, LLP, registration of which is pending with the U.S. Patent and Trademark Office. 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. 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. <>/Metadata 1801 0 R/ViewerPreferences 1802 0 R>> 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 Parent field, will contain all items passed through: items; Mandatory. in part without written permission from NAGGL. 02-Form 1502 Reporting Change > 03-FTA Payment Instruction Change Notice > 04-CY 2023 Due Dates Calendar > 05-SBA Form 1502 > 06-SBA 1502 Form Field Descriptions > 07-1502 Per Diem Calculation > 08-PPP SBA Form 1502 Reporting > 09-Monthly SBA Form 1502 Submission Period > 10-Prime Rate Change > 11-SBA Information Notice 5000-836123 > _____ Return to the home page, or search for what you're trying to find. Lenders often overlook including undisbursed loans within the 1502 report. | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm We have no affiliation with the U.S. Small Business Administration or any other government agency. 3 0 obj 3 0 obj Lenders must submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after . 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. 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