Lenders must submit these completed forms to the SBAs 7(a) Fiscal and Transfer Agent, Colson Services Corp. (Colson). We are a private business providing resources for small businesses, including resources for PPP 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 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. This form includes loan status information for all SBA guaranteed loans, regardless of whether the borrower made a payment in the current month. 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. 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. 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. 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. FORVIS, LLP. stream
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. 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. BKD will continue to follow this developing situation. This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. The importance of properly completing this form cannot be understated. 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. The resolution process to clear hold and error codes is expected to be available today. - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm 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 See our Advertiser Disclosure. The 2022 Healthcare Symposium discussed the post-pandemic challenges for the long-term care sector of the healthcare industry. Lock 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. 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. 3 0 obj
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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. Portion Principal This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. Nothing may be used in any manner or reprinted in whole or <>/Metadata 1801 0 R/ViewerPreferences 1802 0 R>>
According to the update, certain error and hold codes may now be resolved through lenders' certification. Below is the official answer from Q48 as of May 19, 2020. 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. An outstanding guaranteed balance must be provided for every line of 1502 reporting on loans that have been disbursed. By clicking "continue" and using this site, you acknowledge that you have read and understand this message. Question: What is the deadline for lenders to complete the initial SBA Form 1502 reporting process? Regulations.gov . %
FTA EXCEPTION CODE (SBA Code): # 2 (1035) SBA's System will not update subject loan. Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. That said, Form 1502 is tremendously complicated. FORVIS is a trademark of FORVIS, LLP, registration of which is pending with the U.S. Patent and Trademark Office. %PDF-1.7
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. #P;? 4 0 obj
Nothing on this website is an offer or a solicitation for a loan. 2 0 obj
For additional SBA loan compliance information, contact the experts atInnovative Financing Solutionstoday! endobj
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. organization in the United States. Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. The SBA began accepting filings on May 22, 2020. endobj
Cut once." You need to do it right so the SBA won't kick it back for you to do all over again. 2 0 obj
[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. NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. <>/Metadata 286 0 R/ViewerPreferences 287 0 R>>
v.9M^zW3RvT DQryHpnYQ]/.eqUn65&}*:~:$N_!dD\M!w~gDE?'D$r+']Ay=~j~`HWkJ^>S[f9))WGV. 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. 2 0 obj
Reporting a loan paid in full. stream
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SBA.gov SBA Form 1502 ( ) OMB No. 4 0 obj
Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. Nonprofit organizations across the country have seen lingering effects from the COVID-19 pandemic. Please note that this information is current as of the date of publication. 1 0 obj
| 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm 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. x]ko6 Ae"Q 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. Drexel Hill, PA 19026 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). 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. Answer: SBA is extending the deadline for lenders to submit the initial SBA Form 1502. Eastern| 10:00 am-NoonCentral <>
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. Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. SBA Form 1502 Field Descriptions The "Lender Information" field requires the lender's name, address, point of contact and phone number. Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. Check [ ] the box in the . Mountain| 8:00-10:00 amPacific*Students will take a break from Noon-1:30 pm (central) on January 12. <>/Metadata 766 0 R/ViewerPreferences 767 0 R>>
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Access the association's PPP FAQs here. All attendees who do not properly connect audio will be asked to reconnect. | 9:00-11:00 am Share sensitive information only on official, endobj
Direct Access and submission of Form 1502 via SBA's Capital 3 0 obj
The federal FY 2023 IPPS proposed rules address two recent cases that have a significant impact on the wage index. As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. ) or https:// means youve safely connected to See allFORsights for the most up-to-date articles, webinars, and videos. 1 0 obj
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.
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