The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. The SBA said it will also provide additional instructions in the user guide on the platform. 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. WhiteHouse.gov. Return to the home page, or search for what you're trying to find. Official websites use .gov Lenders must submit these completed forms to the SBAs 7(a) Fiscal and Transfer Agent, Colson Services Corp. (Colson). <>/Metadata 1801 0 R/ViewerPreferences 1802 0 R>> PPP (12) On the month-end 1502, report the loan as a Status Code 6, with the Guar. All rights reserved. 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. U.S. Small Business Administration, 409 3rd St, SW. Washington DC 20416. 2 0 obj Instructions to Print Your Certificate or Transcript >(allow 30 days after course for availability). (|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: "#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. Instructor:Christopher Anthony (Guidehouse). BKD will continue to follow this developing situation. Value from Code Tables, Vendor Table. endobj 48. Start your business in 10 steps. By clicking "continue" and using this site, you acknowledge that you have read and understand this message. 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. Checkout our latest new and noteworthy headlines. See our Advertiser Disclosure for more information on how we try to connect you with a small business lender. Lenders must continue reporting on a loan until the lender notifies the SBA that the loan has been fully repaid. The exact status of ongoing loans is not released by the SBA. So as the carpenters say, "Measure twice. FORVIS, LLP. A .gov website belongs to an official government 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 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. <> 4 0 obj in part without written permission from NAGGL. | 9:00-11:00 am PacificJanuary 13 2023 The NAGGL training materials attached here were created and copyrighted by the National Association of Government Guaranteed Lenders, Inc. with all rights reserved. Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. This form includes loan status information for all SBA guaranteed loans, regardless of whether the borrower made a payment in the current month. <>/Metadata 286 0 R/ViewerPreferences 287 0 R>> See allFORsights for the most up-to-date articles, webinars, and videos. 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. There is no limit on how frequently lenders can submit 1502 reports. As with most topics related to COVID-19, changes are being made rapidly. x\moF aBbN zK1p8HLT"u73(-UGP|ggv^|f 7xr_NWf,~}ZoinfS^fWo^+`3iV+_}3n^pO8V\)v{l/~NnFyTk5|>p^&s:'t Not sure where to start? 3 0 obj The last day of the month for which the form is being completed should be specified in the "Month-Ending Information" field. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. Check [ ] the box in the . organization in the United States. <> This article offers three steps to reverse the impact. 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. 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. :S(hsw]o6_E=QoQ8**/K|V1A+J. 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. !=m3$NK\inmRT!WocmA t%B|IXmVf\({v?XEiTG#. 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. Reporting a loan paid in full. <> 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 ( ) OMB No. 4 0 obj 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. <>/Metadata 766 0 R/ViewerPreferences 767 0 R>> | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm %PDF-1.7 - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm SoftwareVendorName; Mandatory. 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. This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through . 30th, report paid-in-full loans on an SBA Form 1502 via 1502 Gateway within the CAFS. See Format IN/OUT Defaults. Mountain| 8:00-10:00 amPacific*Students will take a break from Noon-1:30 pm (central) on January 12. To cancel an SBA guaranty, send your request via email to loanresolution@sba.gov. Nonprofit organizations across the country have seen lingering effects from the COVID-19 pandemic. (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. A lock ( A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. Nothing on this website is an offer or a solicitation for a loan. Answer: SBA is extending the deadline for lenders to submit the initial SBA Form 1502. . Read on for details. Failure to accurately report payment or disbursement activity during the month. Drexel Hill, PA 19026 This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. And although these, Subscribe to our content or get in touch with us today. To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. 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. Please note that this information is current as of the date of publication. p: Telephone:(610) 228-4654 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 $2 million, If the PPP loan is canceled before disbursement, If the PPP loan is canceled or voluntarily terminated and repaid after disbursement but before the borrower certification safe harbor date of May 18, 2020(including if a borrower repays the PPP loan because of a misunderstanding or misapplication of the borrowers certification regarding the necessity of the PPP loan request), If the PPP loan is canceled, terminated or repaid after disbursement (and after the borrower certification safe harbor date) because the SBA conducted a loan review and determined the borrower was ineligible for a PPP loan. v.9M^zW3RvT DQryHpnYQ]/.eqUn65&}*:~:$N_!dD\M!w~gDE?'D$r+']Ay=~j~`HWkJ^>S[f9))WGV. Guaranteed Portion Closing Balance must be greater than zero. Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. Visit BKDs COVID-19 Resource Center to learn more. 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. 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. 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. 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 > _____ % Cut once." You need to do it right so the SBA won't kick it back for you to do all over again. As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. <> We have no affiliation with the U.S. Small Business Administration or any other government agency. endobj #P;? 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. 1 0 obj We are a private business providing resources for small businesses, including resources for PPP loans. Regulations.gov endobj ) or https:// means youve safely connected to FormatIn; Optional. The 2022 Healthcare Symposium discussed the post-pandemic challenges for the long-term care sector of the healthcare industry. 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. SBA 1502 Form Field Descriptions A. 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. 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. The SBA began accepting filings on May 22, 2020. A locked padlock %PDF-1.7 stream Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. Mandatory. 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. 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. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Extending the deadline for lenders to submit the initial SBA Form 1502 resulting in the current month steps! 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