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Release Notes - 2021-11-17
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November 17, 2021

Announcements

 

 

 

Ventures Knowledgebase:

Did you know that Ventures has a Knowledge Base platform where you have access to helpful Articles, Videos, Submit a Support Ticket and even track your support tickets?  

 

504 Lenders - 1098 Reporting 

The IRS Form 1098 requires reporting on data fields related to real property. In order to fulfill this requirement, the CSA, at the direction of the SBA, is requesting that the CDCs return the additional data fields to the CSA for all loans funded between December 1, 2020 and November 30, 2021.  

 

Action Items for lenders - The report is due no later than November 30, 2021

 

Provide data to the CSA for all loans funded between December 1, 2020 and November 30, 2021 via a report within Ventures.  Click HERE to access the Video and Handout that include the steps to produce the report in Ventures and send to the CSA.

 

504 Lenders: Rural Initiative Pilot Program

Reminder that per the SBA Information Notice 5000-819849 the 504 Loan Program Rural Initiative Pilot Program Expired on September 30, 2021

  • The Rural Initiative Pilot Program Public Policy Goal located within Eligibility > General > Public Policy tab will only be visible for 504 loans approved between 7/19/2018 and 9/29/2021 

  • The SLPC Credit Memo will only show the Rural Initiative Information in Section 2: Project Information for 504 loans approved between 7/19/2008 - 09/29/2021.


 

Payments+ and PPP Lenders: Updated 1502 Report Form

Something may look a little different the next time you run a 1502 report. Why, you might ask? The Payments+ 1502 AND PPP 1502 Reports have been updated with the most recent version provided by the FTA on their site HERE. You will not need to do anything different, this is just a notice.

 

Payments+: 30 Day Loans Amortization 

For payment accounts with 30 day amortizations (30/360 and 30/365), the Amortization Schedule menu will now allocate as much interest as it can up to the payment amount, and the rest will go to principal. If there is interest left to be paid, it will be allocated in the following scheduled payment. Previously, in cases of deferments or when the first payment was more than 30 day after funding, the amortization schedule was creating an additional payment line (#0 payment) to account for the additional interest outside of 30 days.

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