Per the notice, beginning this month (September 2023), all 1502 secondary market payments on which a late penalty is assessed will use the simplified one-part calculation regardless of the version of the SBA Form 1086 used to settle the underlying loan. The “one-part calculation” is equal to the greater of $100 or 5% of the remitted amount.
As secondary market sellers are aware, SBA Form 1502 loan and payment reporting for 7(a) loans is due on the 3rd calendar day of the month (or the next business day if the 3rd is not a business day), and SBA allows a grace period of an additional two business days after the due date. If the Fiscal and Transfer Agent (FTA) does not receive the lender remittance by the second business day after the due date, the lender must pay a late penalty to SBA (collected by the FTA), as described above. Questions regarding this change should be sent to SBA at [email protected].
This information was shared by SBA via an email from [email protected]. NAGGL encourages lenders to register to receive future communications from the SBA FTA mailbox by emailing your name and email address to [email protected] and indicating which mailing list(s) you want to sign-up for:
- FTA General Updates (includes SBA Form 1502 Reporting) and/or
- FTA Secondary Market Updates.
SBA has advised that all FTA notifications also are posted to the “News” section of the FTA Wiki (https://catran.sba.gov/ftadistapps/ftawiki/news.cfm).
