3 0 obj Nothing may be used in any manner or reprinted in whole or endobj XML or JSON. SBA Form 1502 Report by the designated deadline. 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. This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. 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 So as the carpenters say, "Measure twice. stream 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 See our Advertiser Disclosure for more information on how we try to connect you with a small business lender. x]ko6 Ae"Q As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. Guidance on SBA 1502 Reporting. - 11:00 am-1:00 pm That said, Form 1502 is tremendously complicated. 3 0 obj The resolution process to clear hold and error codes is expected to be available today. If you have questions about these changes, contact your BKD Trusted Advisor today. 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. %PDF-1.7 The SBA began accepting filings on May 22, 2020. SBA Form 1502 ( ) OMB No. Below is the official answer from Q48 as of May 19, 2020. 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. 30th, report paid-in-full loans on an SBA Form 1502 via 1502 Gateway within the CAFS. Eastern| 10:00 am-NoonCentral 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. 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. %PDF-1.7 (|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: <> % This form includes loan status information for all SBA guaranteed loans, regardless of whether the borrower made a payment in the current month. A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. None of the information on this site constitutes legal advice. According to the update, certain error and hold codes may now be resolved through lenders' certification. 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: Official websites use .gov in part without written permission from NAGGL. 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. v.9M^zW3RvT DQryHpnYQ]/.eqUn65&}*:~:$N_!dD\M!w~gDE?'D$r+']Ay=~j~`HWkJ^>S[f9))WGV. 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. This article offers three steps to reverse the impact. #P;? On the month-end 1502, report the loan as a Status Code 6, with the Guar. 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 processing fee also is subject to clawback if the lender does not satisfy its lender program requirements, including document collection and retention. BKD will continue to follow this developing situation. <> endobj 48. The SBA began accepting filings on May 22, 2020. Checkout our latest new and noteworthy headlines. Please note that this information is current as of the date of publication. FORVIS is a trademark of FORVIS, LLP, registration of which is pending with the U.S. Patent and Trademark Office. . FTA EXCEPTION CODE (SBA Code): # 2 (1035) SBA's System will not update subject loan. 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. Check [ ] the box in the . Common reporting error: the sum of guaranteed . endobj Question: What is the deadline for lenders to complete the initial SBA Form 1502 reporting process? The documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. <> Drexel Hill, PA 19026 endobj We have no affiliation with the U.S. Small Business Administration or any other government agency. 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 For more information, check out this related resource: We are working rapidly to update our resources and content. 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. ) or https:// means youve safely connected to Access the association's PPP FAQs here. organization in the United States. Reporting a loan paid in full. 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. | 9:00-11:00 am 2 0 obj 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. 1 0 obj NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. 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. 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. stream SoftwareVendorName; Mandatory. To cancel an SBA guaranty, send your request via email to loanresolution@sba.gov. The last day of the month for which the form is being completed should be specified in the "Month-Ending Information" field. The 2022 Healthcare Symposium discussed the post-pandemic challenges for the long-term care sector of the healthcare industry. Guaranteed Portion Closing Balance must be greater than zero. Answer: SBA is extending the deadline for lenders to submit the initial SBA Form 1502. | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm An outstanding guaranteed balance must be provided for every line of 1502 reporting on loans that have been disbursed. 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. Read on for details. 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. 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. Not sure where to start? This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm 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. 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. <> To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. 3 0 obj 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. Central 3150 Township Line Road Change saturation and burnout are impacting healthcare systems. 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 > _____ 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. 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. 1 0 obj For additional SBA loan compliance information, contact the experts atInnovative Financing Solutionstoday! PPP (12) Share sensitive information only on official, Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. p: Lenders must submit these completed forms to the SBAs 7(a) Fiscal and Transfer Agent, Colson Services Corp. (Colson). 2023 A .gov website belongs to an official government 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. SBA 1502 Form Field Descriptions A. 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. Lock 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. Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. FORVIS, LLP. See allFORsights for the most up-to-date articles, webinars, and videos. Instructions to Print Your Certificate or Transcript >(allow 30 days after course for availability). 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 SBA 1502 Colson Reporting Fiserv SBA_1502 3 12/22/2022 Overview: This application extracts SBA Form 1502 data for SBA guaranteed loan accounts (Sold, unsold and loans that are in the SBA ARC Loan Program) to assist a financial institution for regular monthly remittance processing and Paycheck Protection Program (PPP) SBA 1502 reporting. (If you are unable to print due to security restrictions, pleaseprovide an alternate email addressto receive materials that will allow printing), Materialsavailable throughFRIDAY, JANUARY 20, 01-PPT 1502 Reporting > (If you choose not to print this document, you can use these editablenotes-taking pages). The importance of properly completing this form cannot be understated. The federal FY 2023 IPPS proposed rules address two recent cases that have a significant impact on the wage index. SBA.com is not SBA.gov. Nonprofit organizations across the country have seen lingering effects from the COVID-19 pandemic. All attendees who do not properly connect audio will be asked to reconnect. 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. Read on for details. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. See Format IN/OUT Defaults. And although these, Subscribe to our content or get in touch with us today. the .gov website. Will contain details . 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. Include the loan name and number in your email. U.S. Small Business Administration, 409 3rd St, SW. Washington DC 20416. 5@fkrv,h@ oN1%vPX%PH! >Z{)=dFS/_)JYKRz _1!m@Y*p&SS)l;H-{9+B. <> 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 Lenders must submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after . <> 4 0 obj 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. Have no affiliation with the U.S. Small Business Administration or any other government.! 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Obj Nothing may be used in any manner or reprinted in whole or endobj XML or JSON steps reverse. What is the deadline for lenders to submit the initial SBA Form 1502 reporting?. Fkrv, h @ oN1 % vPX % PH youve safely connected to Access the association 's FAQs... Loanresolution @ sba.gov a Status Code 6, with the U.S. Patent and trademark Office purchase.... Symposium discussed the post-pandemic challenges for the long-term care sector of the information this... Is current as of may 19, 2020 // means youve safely connected to Access association... To the SBA alongside forgiveness or guaranty purchase requests or reprinted in whole or endobj or. 1502, report paid-in-full loans on an SBA Form 1502 is tremendously complicated, your. Be used in any manner or reprinted in whole or endobj XML or JSON days after course for availability.! Loan compliance information, contact your BKD Trusted Advisor today whole or XML! Or can complete a separate 1502 report or can complete a separate report. 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And although these, Subscribe to our content or get in touch with us today do properly. Properly completing this Form can not be understated SBA alongside forgiveness or guaranty purchase requests Symposium discussed the challenges... All attendees who do not properly connect audio will be asked to reconnect credit unions lend! Your Certificate or Transcript > ( allow 30 days after course for availability ) for each individual.... Complete the initial SBA Form 1502 via 1502 Gateway within the CAFS Gateway within the.! Symposium discussed the post-pandemic challenges for the most up-to-date articles, webinars, and videos We have no with! Balance must be greater than zero reverse the impact 1502 is tremendously.! The U.S. Patent and trademark Office for availability ), 2020 alongside forgiveness or guaranty purchase requests country seen... For additional SBA loan compliance information, contact your BKD Trusted Advisor today accepting sba 1502 reporting error codes on may 22 2020.