Peak Series – COVID19: PPP SBA Loan New 1502 Reporting and Forgiveness (Part II)

In our previous blog, we discussed the new requirements for 1502 reporting on SBA PPP Loans. With new information being released weekly stay tuned to our blog on the remaining processing of SBA PPP loans. Once your 1502 reporting is uploaded and reviewed the next step for the bank is to determine what needs to be done for receiving processing fee and forgiveness of eligible loans.

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 no previous request has been made for a processing fee on that loan
• 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
PPP Lenders who do not already have an account with the FTA (Colson Services) can enroll by sending an email to enrollment@colsonservices.com. Contact us today if you need more information about this process.

Stay tuned for more information in Part II on PPP Loan Forgiveness activity. Contact us today for assistance with your SBA PPP loans!

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