Include the loan name and number in your email. 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. - 11:00 am-1:00 pm A private code that authorizes use of SoftwareVendorName. | 9:00-11:00 am A lock ( v.9M^zW3RvT DQryHpnYQ]/.eqUn65&}*:~:$N_!dD\M!w~gDE?'D$r+']Ay=~j~`HWkJ^>S[f9))WGV. 3 0 obj As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. endobj 1 0 obj To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. 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. Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. endobj Parent field, will contain all items passed through: items; Mandatory. FORVIS, LLP. BKD will continue to follow this developing situation. 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 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. Effective Mid-March 2017, the Next Installment Due Date is the primary data element used by SBA to determine currency for both term and revolving loans. SBA 1502 Form Field Descriptions A. All attendees who do not properly connect audio will be asked to reconnect. "#zT"/p*$[p1F~%^'"l rv7'5KS+xizknm :S(hsw]o6_E=QoQ8**/K|V1A+J. FormatIn; Optional. The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer 01:50 How do you register and sign up for 1502 reporting as a lender? 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. % The SBA began accepting filings on May 22, 2020. Drexel Hill, PA 19026 (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. As with most topics related to COVID-19, changes are being made rapidly. 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. 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. All rights reserved. This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through . secure websites. endobj Lock endobj Central endobj A lender must use a separate 1502 report for PPP loans and regular 7(a) loans. A locked padlock >Z{)=dFS/_)JYKRz _1!m@Y*p&SS)l;H-{9+B. Read on for details. 4 0 obj 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). 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 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. Answer: SBA is extending the deadline for lenders to submit the initial SBA Form 1502. 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. 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. stream <>/Metadata 286 0 R/ViewerPreferences 287 0 R>> endobj 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 SBA said it will also provide additional instructions in the user guide on the platform. Question: What is the deadline for lenders to complete the initial SBA Form 1502 reporting process? 2 0 obj <>/Metadata 766 0 R/ViewerPreferences 767 0 R>> Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. 48. If you have questions about these changes, contact your BKD Trusted Advisor today. See allFORsights for the most up-to-date articles, webinars, and videos. The original deadline for lenders submission of the initial SBA Form 1502 was May 22, 2020. Direct Access and submission of Form 1502 via SBA's Capital This website is not a lender and does not accept loan applications, assist with loan applications, broker loans, make loans or make any credit decisions. By clicking "continue" and using this site, you acknowledge that you have read and understand this message. 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. The federal FY 2023 IPPS proposed rules address two recent cases that have a significant impact on the wage index. 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. 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. 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. Mandatory. 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. 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. Regulations.gov A .gov website belongs to an official government the .gov website. (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). Access the association's PPP FAQs here. 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. PK ! 2 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. [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. Common reporting error: the sum of guaranteed . %PDF-1.7 The importance of properly completing this form cannot be understated. Read on for details. None of the information on this site constitutes legal advice. Change saturation and burnout are impacting healthcare systems. 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 content was published prior to the merger of equals between BKD and DHG on June 1, 2022. organization in the United States. A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. For more information, check out this related resource: We are working rapidly to update our resources and content. SBA.gov #P;? Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. 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. <>/Metadata 1801 0 R/ViewerPreferences 1802 0 R>> 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. 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 4 0 obj Cut once." You need to do it right so the SBA won't kick it back for you to do all over again. 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