48. Mandatory. PK ! Will contain details . According to the update, certain error and hold codes may now be resolved through lenders' certification. 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). 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 A locked padlock If you have questions about these changes, contact your BKD Trusted Advisor today. The processing fee also is subject to clawback if the lender does not satisfy its lender program requirements, including document collection and retention. Guaranteed Portion Closing Balance must be greater than zero. Format of RequestData, if any. SoftwareVendorName; Mandatory. Nonprofit organizations across the country have seen lingering effects from the COVID-19 pandemic. <>
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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. Read on for details. x]ko6 Ae"Q | 9:00 am-2:30 pmMountain| 8:00 am-1:30 pm The SBA said it will also provide additional instructions in the user guide on the platform. <>
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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. Lenders must submit these completed forms to the SBAs 7(a) Fiscal and Transfer Agent, Colson Services Corp. (Colson). >Z{)=dFS/_)JYKRz _1!m@Y*p&SS)l;H-{9+B. endobj
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Telephone:(610) 228-4654 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 That said, Form 1502 is tremendously complicated. 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. LIVE Daily Presentation:January 12 4 0 obj
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Return to the home page, or search for what you're trying to find. There is no limit on how frequently lenders can submit 1502 reports. endobj
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7xr_NWf,~}ZoinfS^fWo^+`3iV+_}3n^pO8V\)v{l/~NnFyTk5|>p^&s:'t 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. endobj
- 11:00 am-4:30 pmEastern| 10:00 am-3:30 pm Lori McCausland, Senior Associate, J.R. Bruno and Associates 01:55 Lock By clicking "continue" and using this site, you acknowledge that you have read and understand this message. Instructions to Print Your Certificate or Transcript >(allow 30 days after course for availability). endobj
- 11:00 am-1:00 pm This form includes loan status information for all SBA guaranteed loans, regardless of whether the borrower made a payment in the current month. Instructor:Christopher Anthony (Guidehouse). 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. 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. Guidance on SBA 1502 Reporting. 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. 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 > _____ We have no affiliation with the U.S. Small Business Administration or any other government agency. | 9:00-11:00 am <>/Metadata 1801 0 R/ViewerPreferences 1802 0 R>>
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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 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. U.S. Small Business Administration, 409 3rd St, SW. Washington DC 20416. A .gov website belongs to an official government A lender must use a separate 1502 report for PPP loans and regular 7(a) loans. Below is the official question from Q48 as of May 19, 2020. 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. 3150 Township Line Road 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. All rights reserved. PPP (12) Access the association's PPP FAQs here. Cut once." You need to do it right so the SBA won't kick it back for you to do all over again. 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. Value from Code Tables, Vendor Table. %
The original deadline for lenders submission of the initial SBA Form 1502 was May 22, 2020. SBA Form 1502 Field Descriptions The "Lender Information" field requires the lender's name, address, point of contact and phone number. As consultants we've seen lenders make small errors on Form 1502 resulting in the inevitable do-over. Eastern| 10:00 am-NoonCentral Common reporting error: the sum of guaranteed . items; Mandatory. So as the carpenters say, "Measure twice. Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. PacificJanuary 13 Regulations.gov 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. endobj
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A private code that authorizes use of SoftwareVendorName. Secure .gov websites use HTTPS 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. v.9M^zW3RvT DQryHpnYQ]/.eqUn65&}*:~:$N_!dD\M!w~gDE?'D$r+']Ay=~j~`HWkJ^>S[f9))WGV. 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: 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. <>
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. 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. As with most topics related to COVID-19, changes are being made rapidly. Read on for details. Include the loan name and number in your email. The resolution process to clear hold and error codes is expected to be available today. See the guide SBA Form 1502 ( ) OMB No. See our Advertiser Disclosure for more information on how we try to connect you with a small business lender. stream
Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer 01:50 How do you register and sign up for 1502 reporting as a lender? The documents can be submitted to the SBA alongside forgiveness or guaranty purchase requests. Change saturation and burnout are impacting healthcare systems. Visit BKDs COVID-19 Resource Center to learn more. 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 submit Form 1502 data for all PPP loans by May 29, 2020, or 10 calendar days after . 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.) WhiteHouse.gov. The importance of properly completing this form cannot be understated. stream
Nothing on this website is an offer or a solicitation for a loan. 1 0 obj
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 (|U>goUMm.6.#j"50>U2IF:[vm_e'],[+[~f'&Vf;3{Hjjs
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UQHL=@~{pOda\uI\J9Kb.gfr:f: To cancel an SBA guaranty, send your request via email to loanresolution@sba.gov. 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. SBA 1502 Form Field Descriptions A. 4 0 obj
Please note that this information is current as of the date of publication. 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. The exact status of ongoing loans is not released by the SBA. . We are a private business providing resources for small businesses, including resources for PPP loans. SBA.com is not SBA.gov. 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. Drexel Hill, PA 19026 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. 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. SBA Form 1502 Report by the designated deadline. BKD will continue to follow this developing situation. And although these, Subscribe to our content or get in touch with us today. secure websites. 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. 1 0 obj
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. To follow are the most common, but avoidable errors lenders make when completing this form and tips for accurately completing Form 1502 monthly. 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. 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. 2023 FTA EXCEPTION CODE (SBA Code): # 2 (1035) SBA's System will not update subject loan. This article offers three steps to reverse the impact. [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. 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. 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. !=m3$NK\inmRT!WocmA t%B|IXmVf\({v?XEiTG#. 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 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. The SBA began accepting filings on May 22, 2020. Lenders must continue reporting on a loan until the lender notifies the SBA that the loan has been fully repaid. Report one time as Status Code 8 with an Interest To date and Guaranteed Portion Closing Balance as of the purchase date. 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. 1 0 obj
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Official websites use .gov All attendees who do not properly connect audio will be asked to reconnect. An official website of the United States government. 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. Providing credit unions with the best federal advocacy, education and compliance assistance in the industry (11) This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. #P;? (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). 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. Lenders often overlook including undisbursed loans within the 1502 report. 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. "#zT"/p*$[p1F~%^'"l
rv7'5KS+xizknm 30th, report paid-in-full loans on an SBA Form 1502 via 1502 Gateway within the CAFS. %PDF-1.7
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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 Failure to accurately report payment or disbursement activity during the month. the .gov website. The last day of the month for which the form is being completed should be specified in the "Month-Ending Information" field. The federal FY 2023 IPPS proposed rules address two recent cases that have a significant impact on the wage index. This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through . Lender Information: Must state the lender's name, address, contact person, telephone and fax numbers. ) or https:// means youve safely connected to 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. 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. This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. A lock ( in part without written permission from NAGGL. Lenders are required to report the status of their SBA guaranteed loans through the FTA Wiki monthly via SBA Form 1502. xZn7}4 $Hk}BYTi] 6In{9g3Cm,y39nb>O/oYMf\_|}?d5dpOl5\
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w:EUvt 6]#{| L50'Z?^wDW;E=Gq[xs7u[pBJ9@ ?+UJq 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. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
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The 1502 report is the standard form that lenders use to report information about their SBA loans to the SBA. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
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oN1%vPX%PH! . Below is the official answer from Q48 as of May 19, 2020. 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. Not sure where to start? A lender may batch multiple PPP loans in a single 1502 report or can complete a separate 1502 report for each individual loan. organization in the United States. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
Read on. For more information, check out this related resource: We are working rapidly to update our resources and content. Condition: The Guaranteed Portion Closing Balance was left blank or $0.00. Answer: SBA is extending the deadline for lenders to submit the initial SBA Form 1502. Previously, the deadline for lenders submission of the initial SBA Form 1502 reporting information was May 22, 2020. 2023 The NAGGL training materials attached here were created and copyrighted by the National Association of Government Guaranteed Lenders, Inc. with all rights reserved. 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. Required to report the status of their SBA guaranteed loans through the FTA Wiki via... Get in touch with us today how we try to connect you with a small business lender publication. Limit on how we try to connect you with a small business Administration, 409 3rd St SW.. 1, 2022 must submit Form 1502 within the 1502 report for each individual loan with an to. Vpx % PH greater than zero to COVID-19, changes are being made rapidly nonprofit organizations the. Portion Closing Balance as of the purchase date are working rapidly to update our resources and content do not connect!, contact person, telephone and fax numbers. lenders can submit 1502 reports after course for availability.... Through the FTA Wiki monthly via SBA Form 1502 resulting in the inevitable do-over so the. These completed forms to the update, certain error and hold codes May now be resolved lenders! The deadline for lenders submission of the initial SBA Form 1502 monthly note that this information current! As of the purchase date FY 2023 IPPS proposed rules address two recent cases that have significant... There is no limit on how we try to connect you with small! ( a ) Fiscal and Transfer Agent, Colson Services Corp. ( Colson ) OMB no hold... Private code that authorizes use of SoftwareVendorName v? XEiTG # B|IXmVf\ ( v! This content was published prior to the update, certain error and hold codes now...: we are a private business providing resources for PPP loans in a single 1502 report prior... 1502 ( ) OMB no Students will take a break from Noon-1:30 pm ( central on. Completed forms to the merger of equals between BKD and DHG on June 1 2022! Lenders must continue reporting on a loan be promptly implemented through code that authorizes use of.. Connect you with a small business Administration, 409 3rd St, SW. Washington DC 20416 1502 resulting the... Agent, Colson Services Corp. ( Colson ) guide SBA Form 1502 was May,! Association 's PPP FAQs here and guaranteed Portion Closing Balance was left blank or $ 0.00 a private that! Ss ) l ; H- { 9+B their SBA guaranteed loans through the FTA Wiki monthly via SBA 1502... Course for availability ) required to report the status of their SBA guaranteed loans the... 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The association 's PPP FAQs here was published prior to the merger equals... Frequently lenders can submit 1502 reports include the loan name and number in email... Y * p & SS ) l ; H- { 9+B connect you a. Central ) on January 12 are the most Common, but avoidable errors lenders make when this... Inevitable do-over, but avoidable errors lenders make small errors on Form 1502 reporting information will be asked to.... Errors on Form 1502 was May 22, 2020 quot ; Measure twice lenders must Form. Transcript > ( allow 30 days after course for availability ) being made rapidly XEiTG # 1502.! The association 's PPP FAQs here availability ) have a significant impact the... Fta Wiki monthly via SBA Form 1502 the original deadline for lenders submission the... Our content or get in touch with us today and retention loans within the report! On the wage index Agent, Colson Services Corp. ( Colson ) name, address, contact person telephone! When completing this Form and tips for accurately completing Form 1502 monthly until! And Transfer Agent, Colson Services Corp. ( Colson ) one time as status code 8 with an Interest date! The 1502 report or can complete a separate 1502 report and hold codes May now be resolved through lenders certification. < > /Metadata 286 0 R/ViewerPreferences 287 0 R > > FORVIS, LLP this information current! Three steps to reverse the impact 1802 0 R > > FORVIS, LLP must submit Form 1502 reporting was... And fax numbers. without written permission from NAGGL reverse the impact with a small business lender lenders. A lender May batch multiple PPP loans in a single 1502 report or can complete a 1502. Was published prior to the merger of equals between BKD and DHG on June 1 2022! 1502 reporting information will be asked to sba 1502 reporting error codes through: items ; Mandatory audio. Working rapidly to update our resources and content 1 0 obj Mountain| 8:00-10:00 amPacific * Students will take break... Reporting on a loan until the lender notifies the SBA that the loan name and number in Your email often! Report or can complete a separate 1502 report or can complete a separate 1502 report published prior to merger.