SBA / Treasury FAQ – 48. By when must a lender electronically submit an SBA Form 1502 indicating that PPP loan funds have been disbursed?

Compliance > CARES Act
Q:   By when must a lender electronically submit an SBA Form 1502 indicating that PPP loan funds have been disbursed?
 
A:  SBA has made available a specific SBA Form 1502 reporting process through which PPP lenders report on PPP loans and collect the processing fee on fully disbursed loans to which they are entitled. Lenders must electronically upload SBA Form 1502 information within 20 calendar days after a PPP loan is approved.
 
 

This Q&A was based on information contained in the Treasury Department’s March 12, 2021, version of “Paycheck Protection Program Loans, Frequently Asked Questions,” which is updated from time to time.  This CARES Act / SBA / PPP related issuance may be found here:  https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf

 

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