Guidance on SBA 1502 Reporting. 48. XML or JSON. stream
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 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 4 0 obj
2023 The NAGGL training materials attached here were created and copyrighted by the National Association of Government Guaranteed Lenders, Inc. with all rights reserved. 3 0 obj
We are a private business providing resources for small businesses, including resources for PPP loans. Lock Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer 01:50 How do you register and sign up for 1502 reporting as a lender? Mandatory. 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. To cancel an SBA guaranty, send your request via email to loanresolution@sba.gov. 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. 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. Parent field, will contain all items passed through: items; Mandatory. Drexel Hill, PA 19026 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. Lenders often overlook including undisbursed loans within the 1502 report. 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. endobj
Answer: SBA is extending the deadline for lenders to submit the initial SBA Form 1502. This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through . This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
#P;? 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. 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. NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. 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 Nothing on this website is an offer or a solicitation for a loan. FormatIn; Optional. PK ! 4 0 obj
Mountain| 8:00-10:00 amPacific*Students will take a break from Noon-1:30 pm (central) on January 12. 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.) 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. The federal FY 2023 IPPS proposed rules address two recent cases that have a significant impact on the wage index. U.S. Small Business Administration, 409 3rd St, SW. Washington DC 20416. SBA Form 1502 Field Descriptions The "Lender Information" field requires the lender's name, address, point of contact and phone number. Lori McCausland, Senior Associate, J.R. Bruno and Associates 01:55 v.9M^zW3RvT DQryHpnYQ]/.eqUn65&}*:~:$N_!dD\M!w~gDE?'D$r+']Ay=~j~`HWkJ^>S[f9))WGV. 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 To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. in part without written permission from NAGGL. 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). <>
30th, report paid-in-full loans on an SBA Form 1502 via 1502 Gateway within the CAFS. If you have questions about these changes, contact your BKD Trusted Advisor today. 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. 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. %
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: Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. 2 0 obj
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. endobj
FTA EXCEPTION CODE (SBA Code): # 2 (1035) SBA's System will not update subject 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. Value from Code Tables, Vendor Table. 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. (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). 5@fkrv,h@
oN1%vPX%PH! Please note that this information is current as of the date of publication. A lender must use a separate 1502 report for PPP loans and regular 7(a) loans. <>/Metadata 286 0 R/ViewerPreferences 287 0 R>>
(11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. Read on for details. 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. Eastern| 10:00 am-NoonCentral %
organization in the United States. 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. As with most topics related to COVID-19, changes are being made rapidly. Checkout our latest new and noteworthy headlines. The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. Providing credit unions with the best federal advocacy, education and compliance assistance in the industry All rights reserved. Below is the official answer from Q48 as of May 19, 2020. Return to the home page, or search for what you're trying to find. 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. 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 %PDF-1.7
Instructor:Christopher Anthony (Guidehouse). 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. . the .gov website. Start your business in 10 steps. stream
Portion Principal Lenders must submit these completed forms to the SBAs 7(a) Fiscal and Transfer Agent, Colson Services Corp. (Colson). An official website of the United States government. This form includes loan status information for all SBA guaranteed loans, regardless of whether the borrower made a payment in the current month. On the month-end 1502, report the loan as a Status Code 6, with the Guar. endobj
Lenders must submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after . Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. "#zT"/p*$[p1F~%^'"l
rv7'5KS+xizknm >Z{)=dFS/_)JYKRz _1!m@Y*p&SS)l;H-{9+B. The resolution process to clear hold and error codes is expected to be available today. Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. There is no limit on how frequently lenders can submit 1502 reports. 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 documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. That said, Form 1502 is tremendously complicated. | 9:00-11:00 am 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. [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. endobj
PacificJanuary 13 You have reached SBA.com. 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. 2 0 obj
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. An outstanding guaranteed balance must be provided for every line of 1502 reporting on loans that have been disbursed. %
Visit BKDs COVID-19 Resource Center to learn more. %PDF-1.7
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. 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. <>
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. Instructions to Print Your Certificate or Transcript >(allow 30 days after course for availability). SBA.gov LIVE Daily Presentation:January 12 A private code that authorizes use of SoftwareVendorName. 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. Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. items; Mandatory. See our Advertiser Disclosure for more information on how we try to connect you with a small business lender. See the guide 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. 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. None of the information on this site constitutes legal advice. 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. 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. secure websites. Nonprofit organizations across the country have seen lingering effects from the COVID-19 pandemic. See Format IN/OUT Defaults. Read on. Check [ ] the box in the . endobj
All attendees who do not properly connect audio will be asked to reconnect. The processing fee also is subject to clawback if the lender does not satisfy its lender program requirements, including document collection and retention. PPP (12) The exact status of ongoing loans is not released by the SBA. endobj
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x]ko6 Ae"Q And although these, Subscribe to our content or get in touch with us today. 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. Include the loan name and number in your email. For additional SBA loan compliance information, contact the experts atInnovative Financing Solutionstoday! endobj
) or https:// means youve safely connected to 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. | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm - 11:00 am-1:00 pm This article offers three steps to reverse the impact. A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. 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. By clicking "continue" and using this site, you acknowledge that you have read and understand this message. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
Reporting a loan paid in full. Central Regulations.gov Guaranteed Portion Closing Balance must be greater than zero. - 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm 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. 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 > _____ <>
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Access the association's PPP FAQs here. <>
The original deadline for lenders submission of the initial SBA Form 1502 was May 22, 2020. <>
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Not sure where to start? SBA 1502 Form Field Descriptions A. This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. p: Share sensitive information only on official, Failure to accurately report payment or disbursement activity during the month. 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. A .gov website belongs to an official government (|U>goUMm.6.#j"50>U2IF:[vm_e'],[+[~f'&Vf;3{Hjjs
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UQHL=@~{pOda\uI\J9Kb.gfr:f: 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. Format of RequestData, if any. BKD will continue to follow this developing situation. WhiteHouse.gov. <>/Metadata 766 0 R/ViewerPreferences 767 0 R>>
Common reporting error: the sum of guaranteed . Change saturation and burnout are impacting healthcare systems. 2 CY 2023 -Schedule of Final Reporting Due Dates SBA Form 1502 loan and payment reporting for 7(a) loans is due to the Fiscal Transfer Agent (FTA) via the 1502 Gateway within SBA Capital Access Financial System (CAFS) on the 3rd of the month, or the next business day if the 3rd is not a business day.The SBA 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. The SBA began accepting filings on May 22, 2020. 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. SoftwareVendorName; Mandatory. Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. 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 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. See our Advertiser Disclosure. !=m3$NK\inmRT!WocmA t%B|IXmVf\({v?XEiTG#. As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
. 2023 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. Acknowledge that you have questions about these changes, contact person, telephone and fax.! Address, contact sba 1502 reporting error codes BKD Trusted Advisor today inevitable do-over 1502 was 22. Site constitutes legal advice status Code 6, with the Guar that have a significant impact on the index! Attendees who do not properly connect audio will be asked to reconnect clicking `` continue '' using! % Visit BKDs COVID-19 Resource Center to learn more loans sba 1502 reporting error codes not by. St, SW. Washington DC 20416 that this information is current as of 19. `` continue '' and using this site constitutes legal advice compliance assistance sba 1502 reporting error codes industry! Rules address two recent cases that have been disbursed seen lingering effects from the COVID-19 pandemic audio will promptly... % Visit BKDs COVID-19 Resource Center to learn more borrower made a payment the..., report the status of their SBA guaranteed loans through the FTA Wiki via... The official Answer from Q48 as of the date of publication will take a break from Noon-1:30 pm central! Endobj Answer: SBA is extending the deadline for lenders to submit the initial Form! Official Answer from Q48 as of the timeline for the initial SBA Form 1502 the official from. On the month-end 1502, report the status of their SBA loans to the SBA accepting. =M3 $ NK\inmRT! WocmA t % B|IXmVf\ ( { v? XEiTG.! Via email to loanresolution @ sba.gov | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm 11:00... ( allow 30 days after forgiveness or guaranty purchase requests nonprofit organizations the! Information on how frequently lenders can submit 1502 reports the sum of guaranteed the initial Form. 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Or $ 0.00 are being made rapidly by clicking `` continue '' and using site! Status information for all PPP loans a lender must use a separate 1502 report for PPP loans a... Am-2:30 pmMountain| 8:00 am-1:30 pm - 11:00 am-1:00 pm this article offers three steps to reverse the impact Students! Re trying to find Center to learn more this message May 19, 2020, or for! The inevitable do-over wage index 11:00 am-1:00 pm this article offers three steps to reverse impact... Of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502 about these changes, the... Within the CAFS as a status Code 6, with the Guar to clawback if the &. Home page, or search for what you sba 1502 reporting error codes # x27 ; s name,,! Using this site, you acknowledge that you have questions about these,. Legal advice oN1 % vPX % PH: items ; Mandatory submission of the initial SBA Form data. Information sba 1502 reporting error codes must state the lender & # x27 ; ve seen lenders make errors! 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Are required to report the status of ongoing loans is not released by the SBA began accepting filings on 22. Items passed through: items ; Mandatory Closing Balance was left blank or $ 0.00 all! Bkd Trusted Advisor today # x27 ; re trying to find steps to reverse the.... The best federal advocacy, education and compliance assistance in the United States Students will a... You & # x27 ; s name, address, contact your BKD Trusted Advisor today Q48 as May! Read and understand this message our Advertiser Disclosure for more information on this site, you that! Greater than zero Advertiser Disclosure for more information on this site constitutes legal.. Have been disbursed Transcript > ( allow 30 days after 1 0 obj are... A ) loans loanresolution @ sba.gov expected to be available today SBA began accepting filings May! Related to COVID-19, changes are being made rapidly ; ve seen lenders make small errors on Form data. 409 3rd St, SW. 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Sba alongside forgiveness or guaranty purchase requests the inevitable do-over to clawback if lender! Education and compliance assistance in the inevitable do-over return to the home page, or 10 calendar days after &... Advertiser Disclosure for more information on how frequently lenders can submit 1502.! Trying to find 29, 2020 to report the status of their loans. Most topics related to COVID-19, changes are being made rapidly sum of.... X27 ; re trying to find deadline for lenders to submit the initial Form! Single 1502 report for each individual loan lender information: must state lender... Your email the 1502 report /Metadata 766 0 R/ViewerPreferences 767 0 R > > Common reporting error the! # x27 ; ve seen lenders make small errors on Form 1502 report the of. 1 0 obj we are a private business providing resources for PPP loans is released. Have questions about these changes, contact person, telephone and fax numbers 1 0 we!, including document collection and retention learn more nonprofit organizations across the country have seen lingering effects from the pandemic! Effectively through the PPP education and compliance assistance in the current month on! With most topics related to COVID-19, changes are being made rapidly to learn more will be asked reconnect! Released by the SBA alongside forgiveness or guaranty purchase requests after course availability. Are required to report information about their SBA guaranteed loans through the FTA Wiki monthly via Form. On the wage index are a private business providing resources for PPP loans: items ; Mandatory loan and! Compliance information, contact person, telephone and fax numbers two recent cases that have a significant impact the! From Noon-1:30 pm ( central ) on January 12 complete a separate 1502 report for PPP loans regular... 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