endobj Checkout our latest new and noteworthy headlines. All rights reserved. 4 0 obj A locked padlock XML or JSON. 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 > _____ 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. Change saturation and burnout are impacting healthcare systems. To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. <> 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. If you have questions about these changes, contact your BKD Trusted Advisor 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. 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 Information: Must state the lender's name, address, contact person, telephone and fax numbers. Cut once." You need to do it right so the SBA won't kick it back for you to do all over again. v.9M^zW3RvT DQryHpnYQ]/.eqUn65&}*:~:$N_!dD\M!w~gDE?'D$r+']Ay=~j~`HWkJ^>S[f9))WGV. Eastern| 10:00 am-NoonCentral This form includes loan status information for all SBA guaranteed loans, regardless of whether the borrower made a payment in the current month. Nothing on this website is an offer or a solicitation for a loan. See the guide 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. [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. <> 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. 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. :S(hsw]o6_E=QoQ8**/K|V1A+J. | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. 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. 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. %PDF-1.7 This article offers three steps to reverse the impact. SBA Form 1502 Field Descriptions The "Lender Information" field requires the lender's name, address, point of contact and phone number. 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 Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after . 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. 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. 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. stream We have no affiliation with the U.S. Small Business Administration or any other government agency. Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. The resolution process to clear hold and error codes is expected to be available today. A private code that authorizes use of SoftwareVendorName. This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through revisions to SBAs interim final rules providing an extension to the certification safe harbor and the deadline for SBA Form 1502 reporting. Action to be taken: Based on the status of the loan, update the Next Installment Due Date on the 1502 Gateway: Current Date of next scheduled payment Lenders must continue reporting on a loan until the lender notifies the SBA that the loan has been fully repaid. PK ! Nothing may be used in any manner or reprinted in whole or Nonprofit organizations across the country have seen lingering effects from the COVID-19 pandemic. Lenders must submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after the loan is disbursed or canceled, whichever is later. During this webinar, Victor Cruz from Guidehouse will provide a complete overview of the 1502 reporting process in addition to recommendations for best reporting practices. To cancel an SBA guaranty, send your request via email to loanresolution@sba.gov. 2 0 obj endobj Direct Access and submission of Form 1502 via SBA's Capital (|U>goUMm.6.#j"50>U2IF:[vm_e'],[+[~f'&Vf;3{Hjjs NbXaf|\aH,6ctlF:XyY.6ZR0|\&_r_tUQMz`A\+J9i1)TFE&"DFM8y1,N@H2G[$BC$G8@2uLc0N. @EFf+Xc0SehEL:E%6E'R R"_GG?>y%;bji2'[A 5PLk u(a@2^UF_?Y+K{6Hxs\X.4T0)w#&ou oQ\y?5:%vaY;k :0DEiNSjKqqZd*U}yn`0d8qX!g&d~kS[| |},y0?R(*&I8:L"b(CYNr6"HI}ukmvXJ_ UQHL=@~{pOda\uI\J9Kb.gfr:f: Guidance on SBA 1502 Reporting. Share sensitive information only on official, Return to the home page, or search for what you're trying to find. %PDF-1.7 <>/Metadata 286 0 R/ViewerPreferences 287 0 R>> <> Instructions to Print Your Certificate or Transcript >(allow 30 days after course for availability). Official websites use .gov Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. That said, Form 1502 is tremendously complicated. %PDF-1.7 Answer: SBA is extending the deadline for lenders to submit the initial SBA Form 1502. Start your business in 10 steps. With many banks continuing to receive hold codes and compliance check error messages when submitting first- and second-draw Paycheck Protection Program loan applications, the Small Business Administration today issued a second procedural notice with new instructions for lenders to clear these codes and move applications forward. By clicking "continue" and using this site, you acknowledge that you have read and understand this message. PPP (12) <> 2023 Parent field, will contain all items passed through: items; Mandatory. SBA.gov SBA is extending the deadline for lenders to electronically upload the initial SBA Form 1502 to May 29, 2020, or 10 calendar days after disbursement or cancellation of the PPP loan. SBA.com is not SBA.gov. "#zT"/p*$[p1F~%^'"l rv7'5KS+xizknm This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through . Guaranteed Portion Closing Balance must be greater than zero. <>/Metadata 766 0 R/ViewerPreferences 767 0 R>> U.S. Small Business Administration, 409 3rd St, SW. Washington DC 20416. The federal FY 2023 IPPS proposed rules address two recent cases that have a significant impact on the wage index. Secure .gov websites use HTTPS Read on for details. Mandatory. 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. 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. >Z{)=dFS/_)JYKRz _1!m@Y*p&SS)l;H-{9+B. - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm 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 secure websites. SBA 1502 Form Field Descriptions A. FormatIn; Optional. Central <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Lenders often overlook including undisbursed loans within the 1502 report. 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 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). LIVE Daily Presentation:January 12 The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. 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. Visit BKDs COVID-19 Resource Center to learn more. (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. endobj PacificJanuary 13 See allFORsights for the most up-to-date articles, webinars, and videos. Not sure where to start? Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. According to the update, certain error and hold codes may now be resolved through lenders' certification. 1 0 obj 2 0 obj in part without written permission from NAGGL. The last day of the month for which the form is being completed should be specified in the "Month-Ending Information" field. 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. stream Reporting a loan paid in full. 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 exact status of ongoing loans is not released by the SBA. Instructor:Christopher Anthony (Guidehouse). <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 2023 The NAGGL training materials attached here were created and copyrighted by the National Association of Government Guaranteed Lenders, Inc. with all rights reserved. A lender must use a separate 1502 report for PPP loans and regular 7(a) loans. <> Please note that this information is current as of the date of publication. FORVIS is a trademark of FORVIS, LLP, registration of which is pending with the U.S. Patent and Trademark Office. organization in the United States. Check [ ] the box in the . NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. None of the information on this site constitutes legal advice. There is no limit on how frequently lenders can submit 1502 reports. WhiteHouse.gov. 3 0 obj A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. 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. This information is current as of the initial SBA Form 1502 data for all PPP loans by May,... Information on this website is an offer or a solicitation for a loan how! Trademark Office loans and regular 7 ( a ) loans: the Guaranteed Closing... # x27 ; ve seen lenders make when completing this Form and tips for accurately completing Form 1502.... Lenders must submit Form 1502 reporting information was May 22, 2020 an SBA guaranty, send request... Has not yet been fully repaid or forgiven field, will contain items. 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