The attached workbook will show the steps to generate either the Monthly PPP 1502 Reprt or the 10 calendar day Funding Report, how to finalize it, and how to submit it.
PPP 1502 Updates
Utilities > PPP menu > 1502
********See attached workbook for more detailed information********
NEW FEATURES TO VENTURES PPP 1502
You now have two separate 1502 reports you can generate:
Report fully disbursed PPP loans (within 10 calendar days of disbursement)
Monthly PPP 1502 Report
Please Note: We highly recommend running your Monthly PPP 1502 Report AFTER reporting all fully disbursed PPP loans from the month prior.
Per SBA Procedural Notice 5000-20036, the Next Installment Due Date Column in both reports will be sixteen months from the date of loan disbursement within the reports.
Questions & Answers
Q: When is the first Monthly PPP 1502 Report due and what time frame does the report capture?
A: 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. With the exception of reporting received within 10 calendar days after disbursement or cancellation of a new PPP loan, reports received in July 2020 should contain loan status information as of month-end June 2020.
Q: How do I report my cancelled loans, and loans that were voluntarily terminated and repaid after disbursement?
A: You will need to report these loans within E-Tran Servicing using the instructions found on the SBA Procedural Notice 5000-20036.
Q: I have further questions about reporting my cancelled loans or voluntarily terminated and repaid loans within E-Tran, who can I contact?
A: Questions on cancellations can be emailed to [email protected].
A. Questions on voluntary termination can be emailed to your Servicing Center: