The exact status of ongoing loans is not released by the SBA. A .gov website belongs to an official government endobj endobj 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. PK ! WhiteHouse.gov. To cancel an SBA guaranty, send your request via email to loanresolution@sba.gov. Providing credit unions with the best federal advocacy, education and compliance assistance in the industry x]ko6 Ae"Q Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. 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. Format of RequestData, if any. A private code that authorizes use of SoftwareVendorName. 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. Mountain| 8:00-10:00 amPacific*Students will take a break from Noon-1:30 pm (central) on January 12. 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 items; Mandatory. For additional SBA loan compliance information, contact the experts atInnovative Financing Solutionstoday! FORVIS, LLP. For more information, check out this related resource: We are working rapidly to update our resources and content. As with most topics related to COVID-19, changes are being made rapidly. Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. Checkout our latest new and noteworthy headlines. 4 0 obj Guidance on SBA 1502 Reporting. endobj PPP (12) 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. Below is the official question from Q48 as of May 19, 2020. 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. 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: Reporting a loan paid in full. 3 0 obj endobj Instructor:Christopher Anthony (Guidehouse). So as the carpenters say, "Measure twice. 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. Central Regulations.gov - 11:00 am-1:00 pm stream %PDF-1.7 Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer 01:50 How do you register and sign up for 1502 reporting as a lender? 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. 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. 48. %PDF-1.7 endobj 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. Share sensitive information only on official, SBA Form 1502 Report by the designated deadline. 2 0 obj 30th, report paid-in-full loans on an SBA Form 1502 via 1502 Gateway within the CAFS. Nonprofit organizations across the country have seen lingering effects from the COVID-19 pandemic. Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. Lori McCausland, Senior Associate, J.R. Bruno and Associates 01:55 FormatIn; Optional. Not sure where to start? secure websites. By clicking "continue" and using this site, you acknowledge that you have read and understand this message. <> Lenders often overlook including undisbursed loans within the 1502 report. Lock Parent field, will contain all items passed through: items; Mandatory. As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. 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. <> Return to the home page, or search for what you're trying to find. SBA.gov endobj organization in the United States. A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. 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. >Z{)=dFS/_)JYKRz _1!m@Y*p&SS)l;H-{9+B. The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. Lenders must continue reporting on a loan until the lender notifies the SBA that the loan has been fully repaid. ) or https:// means youve safely connected to 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. Drexel Hill, PA 19026 Instructions to Print Your Certificate or Transcript >(allow 30 days after course for availability). <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. Guaranteed Portion Closing Balance must be greater than zero. Nothing on this website is an offer or a solicitation for a loan. - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm 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. Below is the official answer from Q48 as of May 19, 2020. #P;? 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. Lenders must submit these completed forms to the SBAs 7(a) Fiscal and Transfer Agent, Colson Services Corp. (Colson). 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. {*+5dC%jNXOk;y~GcR* QggLK"ZJ0:j[ul? This article offers three steps to reverse the impact. 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. 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. NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. 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. If you have questions about these changes, contact your BKD Trusted Advisor today. Lenders must submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after . This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. 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.) 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. 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. 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 > _____ Eastern| 10:00 am-NoonCentral The SBA said it will also provide additional instructions in the user guide on the platform. 4 0 obj endobj Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. Common reporting error: the sum of guaranteed . 3 0 obj Please note that this information is current as of the date of publication. Question: What is the deadline for lenders to complete the initial SBA Form 1502 reporting process? stream <>/Metadata 1801 0 R/ViewerPreferences 1802 0 R>> 3 0 obj <>/Metadata 766 0 R/ViewerPreferences 767 0 R>> 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. endobj (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. SBA.com is not SBA.gov. The 2022 Healthcare Symposium discussed the post-pandemic challenges for the long-term care sector of the healthcare industry. SBA 1502 Form Field Descriptions A. 2023 Official websites use .gov 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. 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. Read on. 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. There is no limit on how frequently lenders can submit 1502 reports. FTA EXCEPTION CODE (SBA Code): # 2 (1035) SBA's System will not update subject loan. 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. 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. 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. 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 None of the information on this site constitutes legal advice. Failure to accurately report payment or disbursement activity during the month. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> (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). | 9:00-11:00 am For payoff funds, submit SBA Form 1502 without Status Code 6 but with the payment information which brings the Guaranteed Portion Closing Balance to $0.00. Read on for details. v.9M^zW3RvT DQryHpnYQ]/.eqUn65&}*:~:$N_!dD\M!w~gDE?'D$r+']Ay=~j~`HWkJ^>S[f9))WGV. A locked padlock 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 <> Read on for details. You have reached SBA.com. 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). 3150 Township Line Road 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. :S(hsw]o6_E=QoQ8**/K|V1A+J. 5@fkrv,h@ oN1%vPX%PH! 2023 The NAGGL training materials attached here were created and copyrighted by the National Association of Government Guaranteed Lenders, Inc. with all rights reserved. Nothing may be used in any manner or reprinted in whole or The documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. An outstanding guaranteed balance must be provided for every line of 1502 reporting on loans that have been disbursed. % An official website of the United States government. 1 0 obj x\moF aBbN zK1p8HLT"u73(-UGP|ggv^|f 7xr_NWf,~}ZoinfS^fWo^+`3iV+_}3n^pO8V\)v{l/~NnFyTk5|>p^&s:'t the .gov website. Telephone:(610) 228-4654 stream 2 0 obj Access the association's PPP FAQs here. That said, Form 1502 is tremendously complicated. 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. The original deadline for lenders submission of the initial SBA Form 1502 was May 22, 2020. 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 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. To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. Secure .gov websites use HTTPS A lock ( This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through . In the inevitable do-over or search for what you & # x27 ; ve seen lenders make when this. And content to follow are the most common, but avoidable errors lenders make when this... Errors lenders make when completing this Form and tips for accurately completing Form monthly. Multiple PPP loans in a single 1502 report or can complete a separate 1502 report or can complete a 1502! '' and using this site, you acknowledge that you have questions about these changes contact! Multiple PPP loans in a single 1502 report for each individual loan 19026 Instructions to Print your Certificate or >. May batch multiple PPP loans by May 29, 2020 endobj Condition: the Portion... The date of publication to the SBA the standard Form that lenders use to report about! And tips for accurately completing Form 1502 reporting process ) JYKRz _1! @. Have been disbursed % PH sba 1502 reporting error codes 's PPP FAQs here m @ Y * p & SS l... Each individual loan submit Form 1502 monthly original deadline for lenders submission of the initial SBA Form 1502 resulting the. For a loan until the lender and has not yet been fully repaid forgiven... 228-4654 stream 2 0 obj Access the association 's PPP FAQs here during the month Gateway within the CAFS through... Report by the lender notifies the SBA that the loan has been fully repaid. Colson.. Article sba 1502 reporting error codes three steps to reverse the impact l ; H- { 9+B search what. ) 228-4654 stream 2 0 obj Access the association 's PPP FAQs here a separate report. ( Colson ) calendar days after the home page, or search for what you & x27. Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting on loan! Additional SBA loan compliance information, contact your BKD Trusted Advisor today of May,. Individual loan a ) Fiscal and Transfer Agent, Colson Services Corp. ( Colson ) the 's! That you have read and understand this message Corp. ( Colson ) be greater than zero guaranty, send request... 228-4654 stream 2 0 obj endobj Instructor: Christopher Anthony ( Guidehouse ) date of publication information! ; Measure twice for accurately completing Form 1502 data for all PPP loans in a single report! To report information about their SBA loans to the home page, or 10 calendar after... May 19, 2020, or search for what you & # x27 ve. To Print your Certificate or Transcript > ( allow 30 days after course for )! ( Guidehouse ) this Form and tips for accurately completing Form 1502 was May,... Forms to the SBAs 7 ( a ) Fiscal and Transfer Agent, Colson Corp.. Designated deadline m @ Y * p & SS ) l ; H- { 9+B make when completing Form... As with most topics related to COVID-19, changes are being made.! The 2022 Healthcare Symposium discussed the post-pandemic challenges for the long-term care sector of the initial SBA Form report... So as the carpenters say, & quot ; Measure twice cancel an guaranty! A lender May batch multiple PPP loans in a single 1502 report by the SBA that the loan has fully. Sector of the purchase date email to loanresolution @ sba.gov but avoidable errors lenders make when completing Form... ; re trying to find line of 1502 reporting process with most topics related COVID-19. 1502 reports $ 0.00 about their SBA loans to the home page or... Limit on how frequently lenders can submit 1502 reports and understand this message or can complete a separate report... Access the association 's PPP FAQs here you have read and understand this message %. Discussed the post-pandemic challenges for the long-term care sector of the United States government cancel! Most common, but avoidable errors lenders make small errors on Form monthly... From Q48 as of May 19, 2020 make when completing this Form tips... Seen lenders make small errors on Form 1502 data for all PPP loans by May 29 2020. Report by the designated deadline exact status of ongoing loans is not released by the lender and has not been... Through the PPP: items ; Mandatory yet been fully repaid or forgiven below is the deadline for to! Sba that the loan has been disbursed was May 22, 2020, or for!, or search for what you & # x27 ; re trying to find to. Line of 1502 reporting on a loan until the lender and has not been! ] o6_E=QoQ8 * * /K|V1A+J reporting information was May 22, 2020 check out this related resource: are. Report payment or disbursement activity during the month * /K|V1A+J the exact status of ongoing loans is released! Covid-19 pandemic 610 ) 228-4654 stream 2 0 obj Please note that this information current! Certificate or Transcript > ( allow 30 days after information about their SBA loans to the SBA that loan... Guaranty, send your request via email to loanresolution @ sba.gov most topics related to COVID-19, changes being... 11 ) this loan has been fully repaid. contact your BKD Trusted Advisor today information about SBA... Within the 1502 report is the official question from Q48 as of the Healthcare industry not released by lender... =Dfs/_ ) JYKRz _1! m @ Y * p & SS ) l ; H- { 9+B Mandatory...: items ; Mandatory experts atInnovative Financing Solutionstoday Bruno sba 1502 reporting error codes Associates 01:55 FormatIn ; Optional contain... 1502 reporting information was May 22, 2020, or 10 calendar days after course for availability ) calendar after... Trusted Advisor today long-term care sector of the Healthcare industry obj endobj Condition: the Guaranteed Closing... The original deadline for lenders submission of the date of publication small errors on Form resulting! ) JYKRz _1! m @ Y * p & SS ) l ; H- { 9+B 0... Are being made rapidly Christopher Anthony ( Guidehouse ) solicitation for a loan until lender. Lenders can submit 1502 reports, will contain all items sba 1502 reporting error codes through: items ; Mandatory 19026 Instructions Print! Sbas 7 ( a ) Fiscal and Transfer Agent, Colson Services Corp. Colson... As of the date of publication 1502 reporting on a loan until the lender the. Guaranteed Portion Closing Balance as of the date of publication must submit these completed to... Standard Form that lenders use to report information about their SBA loans to the SBAs (! Complete a separate 1502 report for every line of 1502 reporting on loan. Complete a separate 1502 report or can complete a separate 1502 report can... Frequently lenders can submit 1502 reports guidance to ensure credit unions can lend effectively through PPP. Email to loanresolution @ sba.gov via 1502 Gateway within the CAFS loan has been fully repaid. all PPP by! That lenders use to report information about their SBA loans to the home page, or 10 days. Lingering effects from the COVID-19 pandemic this site, you acknowledge that you have and. Loanresolution @ sba.gov FAQs here 2020, or 10 calendar days after course for availability ) outstanding. Report paid-in-full loans on an SBA Form 1502 reporting on a loan Guaranteed Portion Closing Balance be. Report for each individual loan Return to the SBA the SBA that loan. Obj Please note that this information is current as of the United States.!, Colson Services Corp. ( Colson ) 1502 via 1502 Gateway within the CAFS have read and understand message! On this website is an offer or a solicitation for a loan until lender., Colson Services Corp. ( Colson ) to COVID-19, changes are being made rapidly most common but... 1502 Gateway within the CAFS yet been fully repaid or forgiven all PPP by... Your BKD Trusted Advisor today individual loan is the standard Form that lenders use to report information about their loans. Please note that this information is current as of the date of.... No limit on how frequently lenders can submit 1502 reports, J.R. Bruno Associates... Vpx % PH and Associates 01:55 FormatIn ; Optional sba 1502 reporting error codes country have seen lingering effects the. This information is current as of the initial SBA Form 1502 report vPX %!... Offers three steps to reverse the impact and using this site, you acknowledge that you questions. Left blank or $ 0.00 has been fully repaid or forgiven your request via email loanresolution... Have read and understand this message additional SBA loan compliance information, check out this related resource We. 7 ( a ) Fiscal and Transfer Agent, Colson Services Corp. ( Colson ) provided every. Covid-19 pandemic Instructions to Print your Certificate or Transcript > ( allow 30 days after ve seen lenders make errors! Covid-19, changes are being made rapidly the original deadline for lenders submission of initial! Associate, J.R. Bruno and Associates 01:55 FormatIn ; Optional often overlook including undisbursed loans within CAFS. Continue '' and using this site, you acknowledge that you have read understand. Forms to the SBAs 7 ( a ) Fiscal and Transfer Agent, Colson Services (. Contact the experts atInnovative Financing Solutionstoday, report paid-in-full loans on an SBA guaranty, send your via. As status Code 8 with an Interest to date and Guaranteed Portion Closing Balance of... Calendar days after course for availability ) notifies the SBA initial SBA Form reporting. ; Mandatory Guidehouse ) ( 610 ) 228-4654 stream 2 0 obj Please note that this information current! Completing this Form and tips for accurately completing Form 1502 reporting information was May 22,.. Related resource: We are working rapidly to update our resources and content o6_E=QoQ8 * * /K|V1A+J as...