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Interim Final Rule: Deadline for Submission of the Initial SBA Form 1502

The extension of the safe harbor requires a corresponding date change to the interim final rule that SBA posted on its website on April 28, 2020, which was published in the Federal Register on May 4, 2020 (85 FR 26321), regarding PPP loan disbursements. Specifically, Part III.1.b. provides that Lenders must electronically upload SBA Form 1502 information within 20 calendar days after a PPP loan is approved or, for loans approved before the availability of the updated SBA Form 1502 reporting process, by May 18, 2020. 85 FR 26321, 26323. Because of the extension of the safe harbor deadline, SBA is extending the deadline for the submission of the initial SBA Form 1502 from May 18, 2020 to May 22, 2020. Read more here

***Extended***

SBA is extending the deadline for lenders to submit the initial SBA Form 1502. Under SBA’s interim final rule on disbursements, posted April 28, 2020, lenders must disburse PPP loans within 10 calendar days of loan approval; a loan is considered approved when the loan is assigned a loan number by SBA. That interim final rule also provides that loans for which funds have not been disbursed because a borrower has not submitted required loan documentation within 20 calendar days of loan approval shall be cancelled by the lender.22 Previously, the deadline for lenders’ submission of the initial SBA Form 1502 reporting information was May 22, 2020.23 SBA is extending the deadline for lenders to electronically upload the initial SBA Form 1502 reporting information to the later of: (1) May 29, 2020, or (2) 10 calendar days after disbursement or cancellation of the PPP loan. This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through revisions to SBA’s interim final rules providing an extension to the certification safe harbor and the deadline for SBA Form 1502 reporting. Read more in FAQ 48 here

  • May 29, 2020
  • Time: All Day
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