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. <>/Metadata 286 0 R/ViewerPreferences 287 0 R>> To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. Lenders must continue reporting on a loan until the lender notifies the SBA that the loan has been fully repaid. The importance of properly completing this form cannot be understated. NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. Include the loan name and number in your email. 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. LIVE Daily Presentation:January 12 SBA Form 1502 Report by the designated deadline. 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. Lori McCausland, Senior Associate, J.R. Bruno and Associates 01:55 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. (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). Lenders must submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after . Regulations.gov 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. SBA.com is not SBA.gov. endobj endobj Checkout our latest new and noteworthy headlines. 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. {*+5dC%jNXOk;y~GcR* QggLK"ZJ0:j[ul? A lock ( 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 All rights reserved. XML or JSON. See the guide See allFORsights for the most up-to-date articles, webinars, and videos. 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.) SoftwareVendorName; Mandatory. Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. Nothing on this website is an offer or a solicitation for a loan. x\moF aBbN zK1p8HLT"u73(-UGP|ggv^|f 7xr_NWf,~}ZoinfS^fWo^+`3iV+_}3n^pO8V\)v{l/~NnFyTk5|>p^&s:'t Instructor:Christopher Anthony (Guidehouse). 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. We have no affiliation with the U.S. Small Business Administration or any other government agency. Visit BKDs COVID-19 Resource Center to learn more. A private code that authorizes use of SoftwareVendorName. Read on for details. p: This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. % Guaranteed Portion Closing Balance must be greater than zero. 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. 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. Official websites use .gov 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: 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. 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. If you have questions about these changes, contact your BKD Trusted Advisor today. 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. Access the association's PPP FAQs here. 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 2023 endobj The exact status of ongoing loans is not released by the SBA. %PDF-1.7 Value from Code Tables, Vendor Table. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> endobj On the month-end 1502, report the loan as a Status Code 6, with the Guar. secure websites. Not sure where to start? <> 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. 2 0 obj 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. Cut once." You need to do it right so the SBA won't kick it back for you to do all over again. 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. 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 Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. 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. Please note that this information is current as of the date of publication. Drexel Hill, PA 19026 <> PK ! 4 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. Share sensitive information only on official, Will contain details . Direct Access and submission of Form 1502 via SBA's Capital 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. An outstanding guaranteed balance must be provided for every line of 1502 reporting on loans that have been disbursed. Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. SBA Form 1502 ( ) OMB No. 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. 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. endobj PacificJanuary 13 (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. And although these, Subscribe to our content or get in touch with us today. U.S. Small Business Administration, 409 3rd St, SW. Washington DC 20416. The SBA began accepting filings on May 22, 2020. - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. The last day of the month for which the form is being completed should be specified in the "Month-Ending Information" field. Portion Principal 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. 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