Banks are eligible to receive a PPP processing fee base off their many efforts that go in to assisting businesses and helping them fund their loans. Lenders must successfully report to SBA that a loan has been fully disbursed, through the 1502 report. The lender must provide ACH credit information for an account owned by the lender and must make a one-time confirmation that all PPP loans have been fully disbursed. Upon receipt of the 1502 data, the SBA will:
• Confirm that the disbursed amount reported on the 1502 matches the approval amount in E-Tran
• Calculate the processing fee owed based on the final fully disbursed amount
• Submit the fee calculated by SBA to the lender using the ACH credit information
Stay tuned for more information in Part II on PPP Loan Forgiveness activity. Contact us today for assistance with your SBA PPP loans!