Lender Deadline – Form 1502

What is the deadline for lenders to complete the initial SBA Form 1502 reporting process?

The original deadline for lenders’ submission of the initial SBA Form 1502 was May 22, 2020. SBA is extending the deadline for lenders to electronically upload the initial SBA Form 1502 to May 29, 2020, or 10 calendar days after disbursement or cancellation of the PPP loan.

Linked here and pasted below is the text from the official question and answer document published by the Department of the Treasury, which you should reference:
https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf

Below is the official question from Q48 as of May 19, 2020

48. Question: What is the deadline for lenders to complete the initial SBA Form 1502 reporting process?

Below is the official answer from Q48 as of May 19, 2020

Answer: 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. Previously, the deadline for lenders’ submission of the initial SBA Form 1502 reporting information was May 22, 2020. 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.

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