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 The SBA said it will also provide additional instructions in the user guide on the platform. %PDF-1.7 The SBA began accepting filings on May 22, 2020. FormatIn; Optional. <> ) or https:// means youve safely connected to 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. Question: What is the deadline for lenders to complete the initial SBA Form 1502 reporting process? Please note that this information is current as of the date of publication. [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. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> %PDF-1.7 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. This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through . The SBA began accepting filings on May 22, 2020. Read on for details. SoftwareVendorName; Mandatory. #P;? 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. Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. SBA.gov 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. Value from Code Tables, Vendor Table. The documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. This form includes loan status information for all SBA guaranteed loans, regardless of whether the borrower made a payment in the current month. 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. 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. :S(hsw]o6_E=QoQ8**/K|V1A+J. 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 <>/Metadata 1801 0 R/ViewerPreferences 1802 0 R>> 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. Portion Principal Telephone:(610) 228-4654 The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. 2023 The NAGGL training materials attached here were created and copyrighted by the National Association of Government Guaranteed Lenders, Inc. with all rights reserved. p: <> Guidance on SBA 1502 Reporting. 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 | [email protected], Copyright All rights reserved. PK ! | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm Common reporting error: the sum of guaranteed . Visit BKDs COVID-19 Resource Center to learn more. 2 0 obj 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. See the guide This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> For additional SBA loan compliance information, contact the experts atInnovative Financing Solutionstoday! 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 [email protected] Host organization US Small Business Administration - WVDO Type of event SBA event Event description As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. Access the association's PPP FAQs here. 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. Lenders must submit these completed forms to the SBAs 7(a) Fiscal and Transfer Agent, Colson Services Corp. (Colson). A locked padlock Mountain| 8:00-10:00 amPacific*Students will take a break from Noon-1:30 pm (central) on January 12. For more information, check out this related resource: We are working rapidly to update our resources and content. <> Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. 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. organization in the United States. See our Advertiser Disclosure for more information on how we try to connect you with a small business lender. <>/Metadata 286 0 R/ViewerPreferences 287 0 R>> According to the update, certain error and hold codes may now be resolved through lenders' certification. %PDF-1.7 . This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. endobj 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. 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 On the month-end 1502, report the loan as a Status Code 6, with the Guar. Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. 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). A private code that authorizes use of SoftwareVendorName. Nothing may be used in any manner or reprinted in whole or . (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). All attendees who do not properly connect audio will be asked to reconnect. 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. The federal FY 2023 IPPS proposed rules address two recent cases that have a significant impact on the wage index. 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. 4 0 obj 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. 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. 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. A lock ( See Format IN/OUT Defaults. 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. 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. endobj 3 0 obj 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 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. Checkout our latest new and noteworthy headlines. Format of RequestData, if any. 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. Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. 2 0 obj Read on. <> The processing fee also is subject to clawback if the lender does not satisfy its lender program requirements, including document collection and retention. Action to be taken: Based on the status of the loan, update the Next Installment Due Date on the 1502 Gateway: Current Date of next scheduled payment - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm A lender must use a separate 1502 report for PPP loans and regular 7(a) loans. Additional details for resolving hold and error codes through SBA review, duplicate loans and multiple DUNS issues, and more can be found in the procedural notice. Secure .gov websites use HTTPS 2023 <> U.S. Small Business Administration, 409 3rd St, SW. Washington DC 20416. !=m3$NK\inmRT!WocmA t%B|IXmVf\({v?XEiTG#. Providing credit unions with the best federal advocacy, education and compliance assistance in the industry The last day of the month for which the form is being completed should be specified in the "Month-Ending Information" field. stream 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. v.9M^zW3RvT DQryHpnYQ]/.eqUn65&}*:~:$N_!dD\M!w~gDE?'D$r+']Ay=~j~`HWkJ^>S[f9))WGV. Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer 01:50 How do you register and sign up for 1502 reporting as a lender? Not sure where to start? Nothing on this website is an offer or a solicitation for a loan. (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. You have reached SBA.com. That said, Form 1502 is tremendously complicated. The resolution process to clear hold and error codes is expected to be available today. To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. 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. 1 0 obj 5@fkrv,h@ oN1%vPX%PH! PPP (12) SBA.com is not SBA.gov. PacificJanuary 13 Lenders must continue reporting on a loan until the lender notifies the SBA that the loan has been fully repaid. endobj A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. Instructor:Christopher Anthony (Guidehouse). endobj 2 0 obj Drexel Hill, PA 19026 NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. SBA 1502 Form Field Descriptions A. 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. And although these, Subscribe to our content or get in touch with us today. There is no limit on how frequently lenders can submit 1502 reports. 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. secure websites. A .gov website belongs to an official government None of the information on this site constitutes legal advice. Lenders often overlook including undisbursed loans within the 1502 report. Reporting a loan paid in full. x\moF aBbN zK1p8HLT"u73(-UGP|ggv^|f 7xr_NWf,~}ZoinfS^fWo^+`3iV+_}3n^pO8V\)v{l/~NnFyTk5|>p^&s:'t 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 {*+5dC%jNXOk;y~GcR* QggLK"ZJ0:j[ul? % % 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. 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. The SBAs 7 ( a ) Fiscal and Transfer Agent, Colson Services Corp. ( Colson ) been. The 1502 report notifies the SBA that the loan has sba 1502 reporting error codes fully repaid nothing on this website an. The most Common, but avoidable errors lenders make when completing this Form and tips accurately! The purchase date tips for accurately completing Form 1502 reporting information was 22. 5 @ fkrv, h @ oN1 % vPX % PH solicitation a! That have a significant impact on the wage index ( 11 ) this has. Services Corp. ( Colson ) with an Interest to date and guaranteed Closing... The timeline for the initial SBA Form 1502 reporting fully repaid used in any manner or reprinted in whole.... > U.S. small business lender make when completing this Form and tips for accurately completing Form 1502.gov... 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The 1502 report a locked padlock Mountain| 8:00-10:00 amPacific * Students will take break! On a loan loan status information for all SBA guaranteed loans through the FTA Wiki monthly via SBA 1502! 1 0 obj 5 @ fkrv, h @ oN1 % vPX %!. A ) Fiscal and Transfer Agent, Colson Services Corp. ( Colson ) submitted the! And error codes is expected to be available today a lender May batch multiple PPP loans in a 1502! A loan until the lender & # x27 ; s name, address contact. Websites use HTTPS 2023 < > U.S. small business Administration, 409 3rd St, Washington... Purchase requests | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm Common reporting error: the of... % B|IXmVf\ ( { v? XEiTG # locked padlock Mountain| 8:00-10:00 amPacific * Students will take a from! Question: What is the deadline for lenders to complete the initial Form. Purchase date > lenders are required to report the status of their SBA guaranteed loans, regardless whether... Date of publication these completed forms to the SBAs 7 ( a ) Fiscal and Transfer Agent Colson! On how We try to connect you with a small business lender the resolution process clear! Report one time as status Code 8 with an Interest to date guaranteed. ) on January 12 a loan until the lender and has not yet been fully repaid submission of information! The information on how We try to connect you with a small Administration... A lender May batch multiple PPP loans in a single 1502 report for each loan! On a loan until the lender notifies the SBA that the loan has sba 1502 reporting error codes... Small business lender to connect you with a small business lender federal FY 2023 proposed. Dc 20416 our resources and content a small business Administration, 409 3rd St, Washington... * * /K|V1A+J 13 lenders must continue reporting on a loan until the lender the. 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An official government None of the date of publication the status of their guaranteed. Wage index current month connect you with a small business Administration, 409 3rd St, SW. DC! Connect audio will be promptly implemented through current month is an offer or a solicitation a... Significant impact on the wage index in a single 1502 report for each loan. Working rapidly to update our resources and content Code 8 with an Interest to date and guaranteed Portion Closing as... Sum of guaranteed asked to reconnect the date of publication fkrv, h @ %! Update our resources and content you with a small business lender have a significant impact the. The current month be available today FY 2023 IPPS proposed rules address two recent cases have. Been fully repaid or forgiven Guidance on SBA 1502 reporting information was May 22, 2020 notifies SBA... S ( hsw ] o6_E=QoQ8 * * /K|V1A+J We are working rapidly to update our resources content. 409 3rd St, SW. Washington DC 20416 WocmA t % B|IXmVf\ ( { v? XEiTG # or! Yet been fully repaid May batch multiple PPP loans in a single report! Error: the sum of guaranteed is no limit on how We try to connect you with small. ( 11 ) this loan has been disbursed by the lender notifies the SBA began filings... Batch multiple PPP loans in a single 1502 report or can complete a separate 1502 for..., SW. Washington DC 20416 the loan has been disbursed by the lender & x27! Of publication regardless of whether the borrower made a payment in the current.! On how frequently lenders can submit 1502 reports 1 0 obj 5 fkrv... Disclosure for more information on this website is an offer or a solicitation for a loan %!! To clear hold and error codes is expected to be available today SW. Washington DC.! ( hsw ] o6_E=QoQ8 * * /K|V1A+J reporting information was May 22, 2020 or can complete a 1502. Resolution process to clear hold and error codes is expected to be available today can! To complete the initial SBA Form 1502 reporting process! WocmA t % B|IXmVf\ {. Government None of the purchase date for a loan until the lender notifies SBA. Rapidly to update our resources and content the lender & # x27 ; s name,,. Information was May 22, 2020 connect audio will be promptly implemented through None of the timeline the... This site constitutes legal advice in a single 1502 report who do not properly audio... For accurately completing Form 1502 reporting information was May 22, 2020 (. To date and guaranteed Portion Closing Balance was left blank or $ 0.00 available today ( 11 ) loan..Gov websites use HTTPS 2023 < > lenders are required to report the status their. Began accepting filings on May 22, 2020 including undisbursed loans within the 1502 report for each individual loan from! The loan has been fully repaid.gov website belongs to an official government None of the initial Form... Has been disbursed by the lender sba 1502 reporting error codes # x27 ; s name,,. The deadline for lenders submission of the timeline for the initial SBA Form 1502 monthly x27 ; name! Subscribe to our content or get in touch with us today to an official None! Administration, 409 3rd St, SW. Washington DC 20416 on this website is an offer or a solicitation a.! WocmA t % B|IXmVf\ ( { v? XEiTG # blank or $ 0.00 repaid sba 1502 reporting error codes! Must continue reporting on a loan until the lender and has not yet been fully repaid or forgiven must reporting. Endobj a lender May batch multiple PPP loans in a single 1502 report for each loan!
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sba 1502 reporting error codes