Lenders must report any PPP loans that have been fully disbursed to SBA via the SBA form 1502. Lender must electronically submit information to the SBA by the latter of: (1) May 29, 2020 or (2) 10 calendar days after disbursement of the PPP loan. Their after, lenders must submit PPP loan information to SBA on a monthly basis (similar to traditional SBA 7(a) loan reporting).
• Email the 1502 spreadsheet to: email@example.com
• Upload the 1502 spreadsheet (“e-File”) in 1502 Dashboard
• PPP 1502 data entry (coming soon – under construction)
• Deliver the 1502 spreadsheet via Secure File Transfer Protocol (SFTP)
*Lenders should email SFTPaccess@colsonservices.com for additional instructions
Sometime back, Fiserv publicly announced they would be making changes to their LAS7114 program to accommodate reporting requirements for SBA PPP loans. For more information on how to automatically generate the SBA 1502 report for PPP loans along with a comma delimited output file that can be directly uploaded to Colson Services, Contact us today!
Stay tuned for Part II of PPP SBA Loan New 1502 Reporting and Forgiveness to learn more about PPP Processing fees and Forgiveness.