Not sure where to start? Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. Lenders must submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after . Providing credit unions with the best federal advocacy, education and compliance assistance in the industry, 2023 National Association of Federally-Insured Credit Unions, CECL Study: Alternatives, Impacts, Accuracy, and Complexity, SBA explains PPP hold, error codes in new notice, The Check is in the Mail Unless Its Been Stolen, http://www.youtube.com/user/NAFCUtv?feature=g-all-u. One of the most important requirements of SBA lending relates to the lenders monthly reporting requirements utilizing SBA Form 1502, Guaranty Loan Status & Lender Remittance Form. There is no limit on how frequently lenders can submit 1502 reports. Read on. (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. <> Form 1502 Reporting Change Form 1502 is the standard remittance form used to report information on the 7(a) loans in a lender's portfolio, such as secondary market payments, guaranty balance and loan status information, and SBA's annual servicing fee. Format of RequestData, if any. 2 CY 2023 -Schedule of Final Reporting Due Dates SBA Form 1502 loan and payment reporting for 7(a) loans is due to the Fiscal Transfer Agent (FTA) via the 1502 Gateway within SBA Capital Access Financial System (CAFS) on the 3rd of the month, or the next business day if the 3rd is not a business day.The SBA SBA 1502 Form Field Descriptions A. Value from Code Tables, Vendor Table. 1 0 obj The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. As with most topics related to COVID-19, changes are being made rapidly. Instructor:Christopher Anthony (Guidehouse). x]ko6 Ae"Q An outstanding guaranteed balance must be provided for every line of 1502 reporting on loans that have been disbursed. "#zT"/p*$[p1F~%^'"l rv7'5KS+xizknm (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). <> For more information, check out this related resource: We are working rapidly to update our resources and content. 5@fkrv,h@ oN1%vPX%PH! 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. 2023 in part without written permission from NAGGL. endobj The SBA began accepting filings on May 22, 2020. As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. SBA Form 1502 Field Descriptions The "Lender Information" field requires the lender's name, address, point of contact and phone number. BKD will continue to follow this developing situation. Cut once." You need to do it right so the SBA won't kick it back for you to do all over again. <> <>/Metadata 1801 0 R/ViewerPreferences 1802 0 R>> Central Return to the home page, or search for what you're trying to find. p: The documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. Include the loan name and number in your email. Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. Guidance on SBA 1502 Reporting. 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 to May 29, 2020, or 10 calendar days after disbursement or cancellation of the PPP loan. Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. 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. 3 0 obj 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. 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 resolution process to clear hold and error codes is expected to be available today. We are a private business providing resources for small businesses, including resources for PPP loans. 2 0 obj All attendees who do not properly connect audio will be asked to reconnect. 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. SBA.gov Mandatory. 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. <> 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 Access the association's PPP FAQs here. Telephone:(610) 228-4654 Below is the official question from Q48 as of May 19, 2020. endobj . 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. 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 > _____ Read on for details. ) or https:// means youve safely connected to 1 0 obj 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). 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. % 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. So as the carpenters say, "Measure twice. 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 $2 million, If the PPP loan is canceled before disbursement, If the PPP loan is canceled or voluntarily terminated and repaid after disbursement but before the borrower certification safe harbor date of May 18, 2020(including if a borrower repays the PPP loan because of a misunderstanding or misapplication of the borrowers certification regarding the necessity of the PPP loan request), If the PPP loan is canceled, terminated or repaid after disbursement (and after the borrower certification safe harbor date) because the SBA conducted a loan review and determined the borrower was ineligible for a PPP loan. | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm Tips for Best ExperienceRead this document PRIOR to course start date, refer to when joining class, Please print materialsPRIORto course start date, for use during class <> Read on for details. A locked padlock LENDER TRAINING: 1502 Reporting by Guidehouse LENDER TRAINING: 1502 Reporting by Guidehouse Date and time Thursday, August 18, 2022 11:00 a.m. - 12:30 p.m. EDT Location Online Organizer WV District Office wvinfo@sba.gov Host organization US Small Business Administration - WVDO Type of event SBA event Event description The processing fee also is subject to clawback if the lender does not satisfy its lender program requirements, including document collection and retention. v.9M^zW3RvT DQryHpnYQ]/.eqUn65&}*:~:$N_!dD\M!w~gDE?'D$r+']Ay=~j~`HWkJ^>S[f9))WGV. SBA Form 1502 ( ) OMB No. 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. >Z{)=dFS/_)JYKRz _1!m@Y*p&SS)l;H-{9+B. 2 0 obj The federal FY 2023 IPPS proposed rules address two recent cases that have a significant impact on the wage index. 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 Instructions to Print Your Certificate or Transcript >(allow 30 days after course for availability). You have reached SBA.com. 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. 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. endobj 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. 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. Providing credit unions with the best federal advocacy, education and compliance assistance in the industry stream <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> endobj FormatIn; Optional. A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through . Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. 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.) 3150 Township Line Road . x\moF aBbN zK1p8HLT"u73(-UGP|ggv^|f 7xr_NWf,~}ZoinfS^fWo^+`3iV+_}3n^pO8V\)v{l/~NnFyTk5|>p^&s:'t PacificJanuary 13 Lori McCausland, Senior Associate, J.R. Bruno and Associates 01:55 We have no affiliation with the U.S. Small Business Administration or any other government agency. A private code that authorizes use of SoftwareVendorName. This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. LIVE Daily Presentation:January 12 <>/Metadata 286 0 R/ViewerPreferences 287 0 R>> Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. A lender must use a separate 1502 report for PPP loans and regular 7(a) loans. 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. Direct Access and submission of Form 1502 via SBA's Capital 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. 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. 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: endobj <> The importance of properly completing this form cannot be understated. SBA Form 1502 Report by the designated deadline. 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. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. See Format IN/OUT Defaults. 3 0 obj SoftwareVendorName; Mandatory. Below is the official answer from Q48 as of May 19, 2020. Share sensitive information only on official, secure websites. 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. Check [ ] the box in the . 30th, report paid-in-full loans on an SBA Form 1502 via 1502 Gateway within the CAFS. Eastern| 10:00 am-NoonCentral This article offers three steps to reverse the impact. SBA.com is not SBA.gov. % XML or JSON. endobj Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. The last day of the month for which the form is being completed should be specified in the "Month-Ending Information" field. [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. & # x27 ; ve seen lenders make small errors on Form 1502 resulting in the do-over. And has not yet been fully repaid or forgiven of the purchase date hold and codes! The federal FY 2023 IPPS proposed rules address two recent cases that have a significant on! 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