Trump Signs PPP Extension
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The SBA will pay fees to lenders for processing eligible PPP loans at the following rates, based on the balance of the loan outstanding at the time of full disbursement:
In order to collect the processing fee, a lender must submit a Form 1502 for all its PPP loans by May 29 or 10 days after the loan is disbursed or canceled, whichever is later. The lender, or their service providers, must have an existing account or create a new account with the SBA’s fiscal transfer agent, Colson Services. For those that do not already have an account, they should email firstname.lastname@example.org with the needed information outlined in the guidance.
Lenders must submit separate 1502 reports for PPP and other 7(a) program loans. For PPP loans that have been sold, the originating lender is responsible for the initial Form 1502 submission.
Lenders will not receive processing fees for PPP loans in the following circumstances:
Upon receipt of a completed set of SBA Form 1502 data, the SBA will:
It is important to note, the SBA will require processing fees to be repaid if it is determined that either the borrower was ineligible to receive a PPP loan within one year after loan disbursement or the lender has not fulfilled its obligations under the PPP.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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