The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. Mountain| 8:00-10:00 amPacific*Students will take a break from Noon-1:30 pm (central) on January 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. PacificJanuary 13 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. stream PK ! 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. p: An outstanding guaranteed balance must be provided for every line of 1502 reporting on loans that have been disbursed. 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. Lenders must submit these completed forms to the SBAs 7(a) Fiscal and Transfer Agent, Colson Services Corp. (Colson). Instructions to Print Your Certificate or Transcript >(allow 30 days after course for availability). endobj This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. For additional SBA loan compliance information, contact the experts atInnovative Financing Solutionstoday! As with most topics related to COVID-19, changes are being made rapidly. %PDF-1.7 3150 Township Line Road PPP (12) See allFORsights for the most up-to-date articles, webinars, and videos. 48. XML or JSON. organization in the United States. So as the carpenters say, "Measure twice. . endobj And although these, Subscribe to our content or get in touch with us today. endobj The federal FY 2023 IPPS proposed rules address two recent cases that have a significant impact on the wage index. 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. 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. <>/Metadata 766 0 R/ViewerPreferences 767 0 R>> 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. Please note that this information is current as of the date of publication. Below is the official question from Q48 as of May 19, 2020. 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 FORVIS is a trademark of FORVIS, LLP, registration of which is pending with the U.S. Patent and Trademark Office. 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. <> <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Providing credit unions with the best federal advocacy, education and compliance assistance in the industry Format of RequestData, if any. As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. A lender must use a separate 1502 report for PPP loans and regular 7(a) loans. Secure .gov websites use HTTPS 1 0 obj Return to the home page, or search for what you're trying to find. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> % SBA.com is not SBA.gov. Read on for details. 4 0 obj (|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: <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Read on. 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. Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. 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: Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. You have reached SBA.com. 1 0 obj A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. See Format IN/OUT Defaults. By clicking "continue" and using this site, you acknowledge that you have read and understand this message. % 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. 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 secure websites. !=m3$NK\inmRT!WocmA t%B|IXmVf\({v?XEiTG#. x\moF aBbN zK1p8HLT"u73(-UGP|ggv^|f 7xr_NWf,~}ZoinfS^fWo^+`3iV+_}3n^pO8V\)v{l/~NnFyTk5|>p^&s:'t Regulations.gov SBA.gov 2023 The NAGGL training materials attached here were created and copyrighted by the National Association of Government Guaranteed Lenders, Inc. with all rights reserved. >Z{)=dFS/_)JYKRz _1!m@Y*p&SS)l;H-{9+B. #P;? Reporting a loan paid in full. 3 0 obj 30th, report paid-in-full loans on an SBA Form 1502 via 1502 Gateway within the CAFS. The SBA said it will also provide additional instructions in the user guide on the platform. The processing fee also is subject to clawback if the lender does not satisfy its lender program requirements, including document collection and retention. 2 0 obj To cancel an SBA guaranty, send your request via email to loanresolution@sba.gov. Guidance on SBA 1502 Reporting. 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. FormatIn; Optional. The documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. See our Advertiser Disclosure. 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 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 > _____ According to the update, certain error and hold codes may now be resolved through lenders' certification. 4 0 obj 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 %PDF-1.7 Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. 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. 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. 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. A .gov website belongs to an official government Lenders often overlook including undisbursed loans within the 1502 report. | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm None of the information on this site constitutes legal advice. 2023 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. The SBA began accepting filings on May 22, 2020. 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. We are a private business providing resources for small businesses, including resources for PPP loans. SBA Form 1502 ( ) OMB No. 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. Checkout our latest new and noteworthy headlines. Change saturation and burnout are impacting healthcare systems. 1 0 obj Below is the official answer from Q48 as of May 19, 2020. <> The importance of properly completing this form cannot be understated. For payoff funds, submit SBA Form 1502 without Status Code 6 but with the payment information which brings the Guaranteed Portion Closing Balance to $0.00. LENDER TRAINING: 1502 Reporting by Guidehouse LENDER TRAINING: 1502 Reporting by Guidehouse Date and time Thursday, August 18, 2022 11:00 a.m. - 12:30 p.m. EDT Location Online Organizer WV District Office wvinfo@sba.gov Host organization US Small Business Administration - WVDO Type of event SBA event Event description This article offers three steps to reverse the impact. Action to be taken: Based on the status of the loan, update the Next Installment Due Date on the 1502 Gateway: Current Date of next scheduled payment 5@fkrv,h@ oN1%vPX%PH! Form 1502 Reporting Change Form 1502 is the standard remittance form used to report information on the 7(a) loans in a lender's portfolio, such as secondary market payments, guaranty balance and loan status information, and SBA's annual servicing fee. Official websites use .gov A locked padlock There is no limit on how frequently lenders can submit 1502 reports. "#zT"/p*$[p1F~%^'"l rv7'5KS+xizknm Lenders must continue reporting on a loan until the lender notifies the SBA that the loan has been fully repaid. (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). [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. Noon-1:30 pm ( central ) on January 12 lenders must submit these completed to... =M3 $ NK\inmRT! WocmA t % B|IXmVf\ ( { v? #! Submit 1502 reports most up-to-date articles, webinars, and videos program requirements including... To clawback if the lender does not satisfy its lender program requirements, including resources for small businesses including. 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