endobj Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. 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. Telephone:(610) 228-4654 To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. - 11:00 am-1:00 pm Guidance on SBA 1502 Reporting. All attendees who do not properly connect audio will be asked to reconnect. Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. {*+5dC%jNXOk;y~GcR* QggLK"ZJ0:j[ul? 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. PPP (12) 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. <> !=m3$NK\inmRT!WocmA t%B|IXmVf\({v?XEiTG#. organization in the United States. 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). FORVIS is a trademark of FORVIS, LLP, registration of which is pending with the U.S. Patent and Trademark Office. 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: ) or https:// means youve safely connected to 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. 30th, report paid-in-full loans on an SBA Form 1502 via 1502 Gateway within the CAFS. 2023 That said, Form 1502 is tremendously complicated. 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. Eastern| 10:00 am-NoonCentral 3 0 obj None of the information on this site constitutes legal advice. 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. The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. <> :S(hsw]o6_E=QoQ8**/K|V1A+J. 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. 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.) A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. SBA Form 1502 Field Descriptions The "Lender Information" field requires the lender's name, address, point of contact and phone number. This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. Parent field, will contain all items passed through: items; Mandatory. Nothing may be used in any manner or reprinted in whole or 2 0 obj Change saturation and burnout are impacting healthcare systems. Read on. The SBA began accepting filings on May 22, 2020. So as the carpenters say, "Measure twice. <> <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> The 2022 Healthcare Symposium discussed the post-pandemic challenges for the long-term care sector of the healthcare industry. "#zT"/p*$[p1F~%^'"l rv7'5KS+xizknm stream A lock ( SBA Form 1502 Report by the designated deadline. 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. Check [ ] the box in the . Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. Lock Lenders must continue reporting on a loan until the lender notifies the SBA that the loan has been fully repaid. See our Advertiser Disclosure. BKD will continue to follow this developing situation. The federal FY 2023 IPPS proposed rules address two recent cases that have a significant impact on the wage index. 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. 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. 3 0 obj If you have questions about these changes, contact your BKD Trusted Advisor today. 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. 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 in part without written permission from NAGGL. We are a private business providing resources for small businesses, including resources for PPP loans. . We have no affiliation with the U.S. Small Business Administration or any other government agency. Mandatory. 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. The processing fee also is subject to clawback if the lender does not satisfy its lender program requirements, including document collection and retention. Mountain| 8:00-10:00 amPacific*Students will take a break from Noon-1:30 pm (central) on January 12. 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. Providing credit unions with the best federal advocacy, education and compliance assistance in the industry 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. %PDF-1.7 Regulations.gov endobj SBA.com is not SBA.gov. The documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. SBA Form 1502 ( ) OMB No. All rights reserved. endobj This article offers three steps to reverse the impact. 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. LIVE Daily Presentation:January 12 Visit BKDs COVID-19 Resource Center to learn more. Start your business in 10 steps. stream PacificJanuary 13 3 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? Common reporting error: the sum of guaranteed . WhiteHouse.gov. A private code that authorizes use of SoftwareVendorName. On the month-end 1502, report the loan as a Status Code 6, with the Guar. Answer: SBA is extending the deadline for lenders to submit the initial SBA Form 1502. Read on for details. An outstanding guaranteed balance must be provided for every line of 1502 reporting on loans that have been disbursed. 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. 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. A locked padlock 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. <> secure websites. The SBA began accepting filings on May 22, 2020. 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. Nonprofit organizations across the country have seen lingering effects from the COVID-19 pandemic. This form includes loan status information for all SBA guaranteed loans, regardless of whether the borrower made a payment in the current month. Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. Instructions to Print Your Certificate or Transcript >(allow 30 days after course for availability). | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm 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. 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. p: 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. 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 > _____ endobj An official website of the United States government. SBA 1502 Form Field Descriptions A. Reporting a loan paid in full. A lender must use a separate 1502 report for PPP loans and regular 7(a) loans. 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. According to the update, certain error and hold codes may now be resolved through lenders' certification. 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. | 9:00-11:00 am And although these, Subscribe to our content or get in touch with us today. 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. FORVIS, LLP. FormatIn; Optional. [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. % Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. See the guide 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. <>/Metadata 1801 0 R/ViewerPreferences 1802 0 R>> Share sensitive information only on official, <> Guaranteed Portion Closing Balance must be greater than zero. 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 1 0 obj A .gov website belongs to an official government endobj There is no limit on how frequently lenders can submit 1502 reports. 2023 The NAGGL training materials attached here were created and copyrighted by the National Association of Government Guaranteed Lenders, Inc. with all rights reserved. Lenders often overlook including undisbursed loans within the 1502 report. 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 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. 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. Access the association's PPP FAQs here. endobj For more information, check out this related resource: We are working rapidly to update our resources and content. Please note that this information is current as of the date of publication. >Z{)=dFS/_)JYKRz _1!m@Y*p&SS)l;H-{9+B. The exact status of ongoing loans is not released by the SBA. 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