SBA Issues Notice on PPP Lender Processing Fee Payment and 1502 Reporting

The SBA published a new SBA Procedural Notice yesterday that updates the SBA’s May 21,2020 Procedural Notice on the reporting process through which PPP Lenders will report on PPP loans and collect the processing fee on fully disbursed loans that they are eligible to receive. Importantly for PPP Lenders, the Procedural Notice provides that after a Lender reports a PPP loan as fully disbursed, the Lender must submit monthly PPP 1502 reports on or before the 15th of each month. The first monthly PPP 1502 report is due on or before July 15, 2020. Lenders are permitted a two-day grace period for this month only. The July 13 SBA Procedural Notice can be found HERE.