Below is the official answer from Q48 as of May 19, 2020. 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. 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. That said, Form 1502 is tremendously complicated. Change saturation and burnout are impacting healthcare systems. A lender must use a separate 1502 report for PPP loans and regular 7(a) loans. 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. 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. Return to the home page, or search for what you're trying to find. - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm (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). 1 0 obj endobj %PDF-1.7 The SBA began accepting filings on May 22, 2020. Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. 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. 2 0 obj The SBA began accepting filings on May 22, 2020. FORVIS is a trademark of FORVIS, LLP, registration of which is pending with the U.S. Patent and Trademark Office. 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. This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. Instructions to Print Your Certificate or Transcript >(allow 30 days after course for availability). SBA.com is not SBA.gov. BKD will continue to follow this developing situation. endobj 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. Regulations.gov 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. Lenders must continue reporting on a loan until the lender notifies the SBA that the loan has been fully repaid. endobj <> And although these, Subscribe to our content or get in touch with us today. endobj Secure .gov websites use HTTPS The exact status of ongoing loans is not released by the SBA. Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. 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. The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. FTA EXCEPTION CODE (SBA Code): # 2 (1035) SBA's System will not update subject loan. 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 > _____ 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. <>/Metadata 766 0 R/ViewerPreferences 767 0 R>> <> To cancel an SBA guaranty, send your request via email to loanresolution@sba.gov. 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. {*+5dC%jNXOk;y~GcR* QggLK"ZJ0:j[ul? Portion Principal 1 0 obj According to the update, certain error and hold codes may now be resolved through lenders' certification. 4 0 obj FORVIS, LLP. % 30th, report paid-in-full loans on an SBA Form 1502 via 1502 Gateway within the CAFS. Checkout our latest new and noteworthy headlines. the .gov website. 3 0 obj This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through . None of the information on this site constitutes legal advice. 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. 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. >Z{)=dFS/_)JYKRz _1!m@Y*p&SS)l;H-{9+B. Official websites use .gov 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. 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 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 An official website of the United States government. "#zT"/p*$[p1F~%^'"l rv7'5KS+xizknm 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. SoftwareVendorName; Mandatory. XML or JSON. Nonprofit organizations across the country have seen lingering effects from the COVID-19 pandemic. <> 1 0 obj Lenders often overlook including undisbursed loans within the 1502 report. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Read on for details. 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. LIVE Daily Presentation:January 12 stream 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. This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. The original deadline for lenders submission of the initial SBA Form 1502 was May 22, 2020. 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. See the guide See Format IN/OUT Defaults. An outstanding guaranteed balance must be provided for every line of 1502 reporting on loans that have been disbursed. 2023 The NAGGL training materials attached here were created and copyrighted by the National Association of Government Guaranteed Lenders, Inc. with all rights reserved. 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 Mandatory. Direct Access and submission of Form 1502 via SBA's Capital As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. endobj Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. | 9:00-11:00 am v.9M^zW3RvT DQryHpnYQ]/.eqUn65&}*:~:$N_!dD\M!w~gDE?'D$r+']Ay=~j~`HWkJ^>S[f9))WGV. <> :S(hsw]o6_E=QoQ8**/K|V1A+J. WhiteHouse.gov. 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. stream in part without written permission from NAGGL. 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. 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 $2 million, If the PPP loan is canceled before disbursement, If the PPP loan is canceled or voluntarily terminated and repaid after disbursement but before the borrower certification safe harbor date of May 18, 2020(including if a borrower repays the PPP loan because of a misunderstanding or misapplication of the borrowers certification regarding the necessity of the PPP loan request), If the PPP loan is canceled, terminated or repaid after disbursement (and after the borrower certification safe harbor date) because the SBA conducted a loan review and determined the borrower was ineligible for a PPP loan. NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. (|U>goUMm.6.#j"50>U2IF:[vm_e'],[+[~f'&Vf;3{Hjjs NbXaf|\aH,6ctlF:XyY.6ZR0|\&_r_tUQMz`A\+J9i1)TFE&"DFM8y1,N@H2G[$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: The documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. 5@fkrv,h@ oN1%vPX%PH! 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. Reporting a loan paid in full. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> SBA Form 1502 Field Descriptions The "Lender Information" field requires the lender's name, address, point of contact and phone number. 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 SBA Form 1502 Report by the designated deadline. p: The processing fee also is subject to clawback if the lender does not satisfy its lender program requirements, including document collection and retention. The resolution process to clear hold and error codes is expected to be available today. 2 0 obj 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. Read on. PPP (12) Eastern| 10:00 am-NoonCentral [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. Lori McCausland, Senior Associate, J.R. Bruno and Associates 01:55 A private code that authorizes use of SoftwareVendorName. 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. endobj 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. - 11:00 am-1:00 pm !=m3$NK\inmRT!WocmA t%B|IXmVf\({v?XEiTG#. Parent field, will contain all items passed through: items; Mandatory. If this page doesn't take you immediately to the Login Page, try this hotlink instead: Return to Login Page (This stepping-stone page is necessary to prevent nested frames.) One of the most important requirements of SBA lending relates to the lenders monthly reporting requirements utilizing SBA Form 1502, Guaranty Loan Status & Lender Remittance Form. 4 0 obj Answer: SBA is extending the deadline for lenders to submit the initial SBA Form 1502. <> See allFORsights for the most up-to-date articles, webinars, and videos. See our Advertiser Disclosure. Lenders must submit these completed forms to the SBAs 7(a) Fiscal and Transfer Agent, Colson Services Corp. (Colson). If you have questions about these changes, contact your BKD Trusted Advisor today. x\moF aBbN zK1p8HLT"u73(-UGP|ggv^|f 7xr_NWf,~}ZoinfS^fWo^+`3iV+_}3n^pO8V\)v{l/~NnFyTk5|>p^&s:'t We are a private business providing resources for small businesses, including resources for PPP loans. 3150 Township Line Road 3 0 obj PK ! Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer 01:50 How do you register and sign up for 1502 reporting as a lender? endobj For additional SBA loan compliance information, contact the experts atInnovative Financing Solutionstoday! 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. 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. endobj <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Not sure where to start? Lenders must submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after . Providing credit unions with the best federal advocacy, education and compliance assistance in the industry Mountain| 8:00-10:00 amPacific*Students will take a break from Noon-1:30 pm (central) on January 12. SBA 1502 Form Field Descriptions A. Include the loan name and number in your email. Cut once." You need to do it right so the SBA won't kick it back for you to do all over again. . #P;? Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. stream A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. 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. (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. Will contain details . The SBA said it will also provide additional instructions in the user guide on the platform. Nothing on this website is an offer or a solicitation for a loan. 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. Visit BKDs COVID-19 Resource Center to learn more. A .gov website belongs to an official government Guidance on SBA 1502 Reporting. 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 Pm! =m3 $ NK\inmRT! WocmA t % B|IXmVf\ ( { v? #! Y~Gcr * QggLK '' ZJ0: j [ ul an SBA Form 1502 must submit Form 1502 data for PPP... 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