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The Small Business Administration (SBA) issued a procedural notice outlining the process for reporting Paycheck Protection Program (PPP) loans to the SBA. Lenders can begin reporting loans on May 22 and have until May 29 to complete their first report. The notice also outlines what lenders need to do to collect the processing fee on fully disbursed, eligible loans.
The procedural notice also contains a helpful Q&A to assist lenders with questions about login credentials, Form 1502 reporting, and scenarios when processing fees won’t be reimbursed.
Credit unions are encouraged to contact the Maine SBA District Office or the League’s Governmental Affairs team if additional assistance is needed.