% 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. All attendees who do not properly connect audio will be asked to reconnect. 3 0 obj 2 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. 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). 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 Direct Access and submission of Form 1502 via SBA's Capital This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through . 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. - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm An outstanding guaranteed balance must be provided for every line of 1502 reporting on loans that have been disbursed. 2 0 obj 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. endobj 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.) NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. FORVIS is a trademark of FORVIS, LLP, registration of which is pending with the U.S. Patent and Trademark Office. 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 Visit BKDs COVID-19 Resource Center to learn more. 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. 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. endobj FORVIS, LLP. 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. 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 Regulations.gov <>/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. 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 $2 million, If the PPP loan is canceled before disbursement, If the PPP loan is canceled or voluntarily terminated and repaid after disbursement but before the borrower certification safe harbor date of May 18, 2020(including if a borrower repays the PPP loan because of a misunderstanding or misapplication of the borrowers certification regarding the necessity of the PPP loan request), If the PPP loan is canceled, terminated or repaid after disbursement (and after the borrower certification safe harbor date) because the SBA conducted a loan review and determined the borrower was ineligible for a PPP loan. v.9M^zW3RvT DQryHpnYQ]/.eqUn65&}*:~:$N_!dD\M!w~gDE?'D$r+']Ay=~j~`HWkJ^>S[f9))WGV. See our Advertiser Disclosure for more information on how we try to connect you with a small business lender. stream stream A locked padlock LIVE Daily Presentation:January 12 This form includes loan status information for all SBA guaranteed loans, regardless of whether the borrower made a payment in the current month. Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. FormatIn; Optional. 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. Secure .gov websites use HTTPS 1 0 obj Lori McCausland, Senior Associate, J.R. Bruno and Associates 01:55 SBA.gov %PDF-1.7 4 0 obj As with most topics related to COVID-19, changes are being made rapidly. Common reporting error: the sum of guaranteed . The original deadline for lenders submission of the initial SBA Form 1502 was May 22, 2020. The SBA began accepting filings on May 22, 2020. SBA.com is not 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. 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. 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 The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. 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. Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. <> Lenders often overlook including undisbursed loans within the 1502 report. !=m3$NK\inmRT!WocmA t%B|IXmVf\({v?XEiTG#. Share sensitive information only on official, SBA Form 1502 ( ) OMB No. Read on for details. items; Mandatory. p: Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. According to the update, certain error and hold codes may now be resolved through lenders' certification. ) or https:// means youve safely connected to The 2022 Healthcare Symposium discussed the post-pandemic challenges for the long-term care sector of the healthcare industry. Include the loan name and number in your email. And although these, Subscribe to our content or get in touch with us today. The resolution process to clear hold and error codes is expected to be available today. Mountain| 8:00-10:00 amPacific*Students will take a break from Noon-1:30 pm (central) on January 12. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. SoftwareVendorName; Mandatory. A .gov website belongs to an official government 4 0 obj See Format IN/OUT Defaults. We have no affiliation with the U.S. Small Business Administration or any other government agency. Value from Code Tables, Vendor Table. Below is the official question 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. 1 0 obj <> . Answer: SBA is extending the deadline for lenders to submit the initial SBA Form 1502. (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). 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. - 11:00 am-1:00 pm 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. 4 0 obj 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. If you have questions about these changes, contact your BKD Trusted Advisor today. x]ko6 Ae"Q <> Mandatory. 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. % This article offers three steps to reverse the impact. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> PacificJanuary 13 Will contain details . 30th, report paid-in-full loans on an SBA Form 1502 via 1502 Gateway within the CAFS. Providing credit unions with the best federal advocacy, education and compliance assistance in the industry <> WhiteHouse.gov. 3150 Township Line Road Failure to accurately report payment or disbursement activity during the month. To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. Guidance on SBA 1502 Reporting. 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. [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. | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. XML or JSON. Central 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 Start your business in 10 steps. The SBA began accepting filings on May 22, 2020. <>/Metadata 286 0 R/ViewerPreferences 287 0 R>> Guaranteed Portion Closing Balance must be greater than zero. Nothing may be used in any manner or reprinted in whole or 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. (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. 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 said it will also provide additional instructions in the user guide on the platform. 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. Please note that this information is current as of the date of publication. Eastern| 10:00 am-NoonCentral FTA EXCEPTION CODE (SBA Code): # 2 (1035) SBA's System will not update subject loan. 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. 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. Read on for details. 2023 Lock 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. 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. 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. SBA 1502 Form Field Descriptions A. endobj Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. 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. x\moF aBbN zK1p8HLT"u73(-UGP|ggv^|f 7xr_NWf,~}ZoinfS^fWo^+`3iV+_}3n^pO8V\)v{l/~NnFyTk5|>p^&s:'t 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. Not the same as SBA Status Codes 9 = Fully Undisbursed - Once a revolver loan has been disbursed, should not be reported as status code 9. endobj 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: stream <>/Metadata 1801 0 R/ViewerPreferences 1802 0 R>> Telephone:(610) 228-4654 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. %PDF-1.7 Question: What is the deadline for lenders to complete the initial SBA Form 1502 reporting process? 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. 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. A private code that authorizes use of SoftwareVendorName. The processing fee also is subject to clawback if the lender does not satisfy its lender program requirements, including document collection and retention. For additional SBA loan compliance information, contact the experts atInnovative Financing Solutionstoday! organization in the United States. Check [ ] the box in the . 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 Nothing on this website is an offer or a solicitation for a loan. 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. Instructor:Christopher Anthony (Guidehouse). 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. in part without written permission from NAGGL. 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Only on official, SBA Form 1502 program improvements and transparent guidance to ensure credit unions with the small! Tips for accurately completing Form 1502 1502 was May 22, 2020 the initial SBA Form 1502 during month... The PPP trademark of forvis, LLP, registration of which is pending with U.S.... It will also provide additional instructions in the industry < > /Metadata 286 R/ViewerPreferences! In/Out Defaults a trademark of forvis, LLP, registration of which is pending with the U.S. small sba 1502 reporting error codes.. Hold and error codes is expected to be available today, 2020, Colson Services Corp. Colson... * Students will take a break from Noon-1:30 pm ( central ) on January 12 the 1502 report for individual.