Paycheck Protection Program lenders must submit the first monthly PPP 1502 report by tomorrow, July 15, according to a new procedural notice issued Monday night by the SBA. The SBA said it is granting a two-day grace period for this month's report.
Lenders are required to file the monthly 1502 reports containing loan status information for PPP loans in addition to electronic submissions required 10 calendar days after loan disbursement or cancellation. Lenders must continue reporting on PPP loans until they have been paid in full.
The procedural notice provides the updated process for lenders to report on PPP loans and collect processing fees on fully disbursed loans. It includes details on lender requirements to receive fees, how SBA will disburse fees, and clawback rules.
Questions on submitting 1502 reports can be directed to SBA's Fiscal and Transfer Agent, Colson Services Corp., at [email protected] or 877-245-6159. Additional guidance and resources are available on Treasury’s PPP webpage and ICBA's COVID-19 resource center.
