The SBA Fiscal and Transfer Agent (FTA) has advised that SBA has implemented a new SBA Form 1502 error validation code for Paycheck Protection Program (PPP) loans. The new exception code, # 3193, indicates:  “SBA’s System will not update for subject loan.  Reported Closing Balance exceeds the unforgiven loan amount.”  A lender receiving this error code “should update reported Guaranteed Portion Closing Balance in the 1502 Gateway to ensure it does not exceed the unforgiven loan amount based on prior Forgiveness Principal issue”.  Lenders can verify prior SBA forgiveness payments in the SBA Paycheck Protection Platform and can resolve 1502 reporting errors in the Capital Access Financial System (CAFS) FTA Portal’s 1502 Gateway.  Questions or concerns relating to this information should be direct to  the FTA Client Service Team at [email protected] or via phone at (877) 470-0722, Option 1.