Lenders must electronically submit SBA Form 1502 reporting information to the SBA by the later of: (1) May 29, 2020, or (2) 10 calendar days after disbursement or cancellation of a PPP loan. After submitting the initial SBA Form 1502 report, lenders must submit PPP loan information to SBA on a monthly basis.
Lenders must provide monthly 1502 reports that include loan status information for their PPP loans regardless of whether the borrower made a payment in the current month. All PPP loans are deferred.
The deferment period runs until (i) the date that SBA remits the forgiveness amount or notifies the lender that the borrower is not eligible for forgiveness or (ii) for a borrower that does not submit a timely forgiveness application, 10 months after the end of the loan forgiveness covered period. Lenders must continue reporting on a loan until the lender notifies SBA that the loan has been paid in full.
After a lender reports a loan as fully disbursed, the lender must submit monthly PPP 1502 reports on or before the 15th of each month, or if the 15th is not a business day, on the next business day after the 15th.
The first monthly PPP 1502 report is due on or before July 15, 2020, however, lenders are permitted a 2 day grace period to report for this month only. Lenders must continue to use separate 1502 reports for PPP loans and regular 7(a) loans. The regular 7(a) loan 1502 report and payment due dates for calendar year 2020 remain unchanged, as published in SBA Information Notice 5000-19025.
After a PPP forgiveness purchase, if no loan balance remains, lender must report the PPP loan as paid in full on the next SBA Form 1502 report. If a loan balance remains after forgiveness purchase, lender must report the reduction in the loan balance for the forgiveness amount on the next SBA Form 1502 report and must service the remaining balance of the loan in accordance with PPP requirements. Note that a PPP loan should not be reported as “paid in full” simply because it has been transferred to another lender.