Official websites use .gov LIVE Daily Presentation:January 12 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. . To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. Drexel Hill, PA 19026 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. endobj So as the carpenters say, "Measure twice. Not sure where to start? Secure .gov websites use HTTPS Question: What is the deadline for lenders to complete the initial SBA Form 1502 reporting process? Eastern| 10:00 am-NoonCentral 3150 Township Line Road You have reached SBA.com. BKD will continue to follow this developing situation. SBA 1502 Form Field Descriptions A. WhiteHouse.gov. 2 0 obj This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. FormatIn; Optional. 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 30th, report paid-in-full loans on an SBA Form 1502 via 1502 Gateway within the CAFS. #P;? FORVIS is a trademark of FORVIS, LLP, registration of which is pending with the U.S. Patent and Trademark Office. SBA.com is not SBA.gov. An outstanding guaranteed balance must be provided for every line of 1502 reporting on loans that have been disbursed. 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. Lock FORVIS, LLP. 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 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 The resolution process to clear hold and error codes is expected to be available today. | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm % This article offers three steps to reverse the impact. <> 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. This form includes loan status information for all SBA guaranteed loans, regardless of whether the borrower made a payment in the current month. 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. 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. Lenders must submit these completed forms to the SBAs 7(a) Fiscal and Transfer Agent, Colson Services Corp. (Colson). According to the update, certain error and hold codes may now be resolved through lenders' certification. Will contain details . Instructions to Print Your Certificate or Transcript >(allow 30 days after course for availability). Guidance on SBA 1502 Reporting. <>/Metadata 286 0 R/ViewerPreferences 287 0 R>> 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. Lenders must submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after . 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. 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.) There is no limit on how frequently lenders can submit 1502 reports. The exact status of ongoing loans is not released by the SBA. Parent field, will contain all items passed through: items; Mandatory. endobj 4 0 obj We have no affiliation with the U.S. Small Business Administration or any other government agency. 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. {*+5dC%jNXOk;y~GcR* QggLK"ZJ0:j[ul? [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. 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. 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. Telephone:(610) 228-4654 endobj 2023 Change saturation and burnout are impacting healthcare systems. Start your business in 10 steps. 3 0 obj Mandatory. Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. 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. <> "#zT"/p*$[p1F~%^'"l rv7'5KS+xizknm 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. The 2022 Healthcare Symposium discussed the post-pandemic challenges for the long-term care sector of the healthcare industry. Access the association's PPP FAQs here. - 11:00 am-1:00 pm PPP (12) 2023 The NAGGL training materials attached here were created and copyrighted by the National Association of Government Guaranteed Lenders, Inc. with all rights reserved. 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: Regulations.gov U.S. Small Business Administration, 409 3rd St, SW. Washington DC 20416. Direct Access and submission of Form 1502 via SBA's Capital 1 0 obj . 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. The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. Check [ ] the box in the . Below is the official answer from Q48 as of May 19, 2020. (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). - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm <> Nothing may be used in any manner or reprinted in whole or 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. Central The documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. PK ! SoftwareVendorName; Mandatory. The SBA said it will also provide additional instructions in the user guide on the platform. 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 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. Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. 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. 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. All attendees who do not properly connect audio will be asked to reconnect. 3 0 obj And although these, Subscribe to our content or get in touch with us today. endobj Include the loan name and number in your email. 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. Read on for details. %PDF-1.7 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. v.9M^zW3RvT DQryHpnYQ]/.eqUn65&}*:~:$N_!dD\M!w~gDE?'D$r+']Ay=~j~`HWkJ^>S[f9))WGV. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. Answer: SBA is extending the deadline for lenders to submit the initial SBA Form 1502. (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. endobj Read on for details. Nonprofit organizations across the country have seen lingering effects from the COVID-19 pandemic. 48. endobj A lender must use a separate 1502 report for PPP loans and regular 7(a) loans. 2 0 obj 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. Visit BKDs COVID-19 Resource Center to learn more. 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. 5@fkrv,h@ oN1%vPX%PH! We are a private business providing resources for small businesses, including resources for PPP loans. NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. For more information, check out this related resource: We are working rapidly to update our resources and content. 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. Reporting a loan paid in full. organization in the United States. >Z{)=dFS/_)JYKRz _1!m@Y*p&SS)l;H-{9+B. 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. stream 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. If you have questions about these changes, contact your BKD Trusted Advisor today. On the month-end 1502, report the loan as a Status Code 6, with the Guar. 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. 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. The last day of the month for which the form is being completed should be specified in the "Month-Ending Information" field. 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 All rights reserved. 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( Colson ) 9:00 am-2:30 pmMountain| 8:00 pm. Small businesses, including resources for PPP loans and regular 7 ( a ) Fiscal and Transfer,... Their SBA loans to the SBAs 7 ( a ) loans for lenders to submit the initial SBA Form reporting. And Transfer Agent, Colson Services Corp. ( Colson ) { ) )! With us today country have seen lingering effects from the COVID-19 pandemic from the COVID-19 pandemic telephone: 610. Unions can lend effectively through the PPP follow are the most common, but avoidable errors lenders make when this... Instructions to Print your Certificate or Transcript > ( allow 30 days after course for availability ) lenders!