SBA Provides Guidance on Monthly PPP Form 1502 Filings; First Report Due July 17

In a procedural notice tonight, the Small Business Administration provided guidance on the monthly Form 1502 reports that lenders must file on unpaid or unforgiven Paycheck Protection Program loans. The report is due on the 15th of each month or on the next business day after the 15th if it falls on a weekend or holiday. For this month only, SBA provided a two-day grace period, making the first monthly filing deadline Friday, July 17.

Lenders should continue filing monthly reports until their PPP loans are forgiven or repaid in full. The procedural notice also includes newly added guidance on how lenders should report a canceled PPP loan on Form 1502.

Meanwhile, SBA reported that PPP loans now total 4.9 million amounting to $517.4 billion.