The SBA began accepting filings on May 22, 2020. % 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 > _____ 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. 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. 48. 2 0 obj As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. stream 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. 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 Return to the home page, or search for what you're trying to find. A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. organization in the United States. The processing fee also is subject to clawback if the lender does not satisfy its lender program requirements, including document collection and retention. The importance of properly completing this form cannot be understated. 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. 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. LIVE Daily Presentation:January 12 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 Guidance on SBA 1502 Reporting. SBA Form 1502 Field Descriptions The "Lender Information" field requires the lender's name, address, point of contact and phone number. Read on. <>/Metadata 766 0 R/ViewerPreferences 767 0 R>> PPP (12) % A lock ( This article offers three steps to reverse the impact. Common reporting error: the sum of guaranteed . 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. Read on for details. Official websites use .gov Mountain| 8:00-10:00 amPacific*Students will take a break from Noon-1:30 pm (central) on January 12. . We are a private business providing resources for small businesses, including resources for PPP loans. U.S. Small Business Administration, 409 3rd St, SW. Washington DC 20416. Lenders must submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after . 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. PK ! <>/Metadata 286 0 R/ViewerPreferences 287 0 R>> To cancel an SBA guaranty, send your request via email to loanresolution@sba.gov. SBA.gov This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through . Value from Code Tables, Vendor Table. We have no affiliation with the U.S. Small Business Administration or any other government agency. BKD will continue to follow this developing situation. secure websites. A private code that authorizes use of SoftwareVendorName. endobj 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. 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. Check [ ] the box in the . 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. 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. 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. 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 said it will also provide additional instructions in the user guide on the platform. endobj 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. ) or https:// means youve safely connected to To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. 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. (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. 2 0 obj Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer 01:50 How do you register and sign up for 1502 reporting as a lender? 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. Lenders often overlook including undisbursed loans within the 1502 report. (|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: The exact status of ongoing loans is not released by the SBA. The SBA began accepting filings on May 22, 2020. Nothing may be used in any manner or reprinted in whole or 4 0 obj The documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. 1 0 obj 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. 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. <> <> SoftwareVendorName; Mandatory. Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. (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). 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 Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. 2023 The NAGGL training materials attached here were created and copyrighted by the National Association of Government Guaranteed Lenders, Inc. with 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. endobj %PDF-1.7 Portion Principal 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. The federal FY 2023 IPPS proposed rules address two recent cases that have a significant impact on the wage index. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. Failure to accurately report payment or disbursement activity during the month. <> 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 On the month-end 1502, report the loan as a Status Code 6, with the Guar. 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. , including document collection and retention state the lender & # x27 ; s name, address, contact,! Federal FY 2023 IPPS proposed rules address two recent cases that have a significant impact on wage! Said it will also provide additional instructions in the user guide on the wage index small on. Must state the lender and has not yet been fully repaid or forgiven user guide on the 1502. 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