Colson on May 18 said it had opened its "1502 Dashboard Reporting" in preparation for SBA Form 1502 Reporting for PPP loans. To begin submitting 1502 reports to Colson, financial institutions need log-in credentials to the 1502 Dashboard. (Colson noted that lenders should not request access to the separate 1502 Connection, which cannot be used for PPP loans.) The 1502 Dashboard is available via a drop-down menu in the upper right hand corner of the homepage.
"Due to the extremely high demand for PPP loans, please allow sufficient time for processing," Colson said. To gain log-in credentials, follow these simple instructions provided by Colson:
Send an email to [email protected] with the following:
- A subject line reading “1502 Dashboard Access Request for PPP Loans”
- The body of the email including:
- Name of the lender/institution
- E-Tran Main Location ID (CAFS Location ID under which loans were originated)
- One SBA PPP loan number assigned to a loan made by the lender (to cross-reference location ID and loans tied to it)
- Colson Lender ID (if known)
- Individual main user's name, email address, and phone number. This should be included in the body of the email and not just in the signature block.
The SBA said lenders have a few different options for submitting 1502 reports. The first option is to attach and email the 1502 report spreadsheet directly to [email protected]. Lenders also have the option to upload the 1502 report directly on the 1502 Dashboard site. They can deliver the 1502 spreadsheet via Secure File Transfer Protocol (SFTP), but it requires additional enrollment, so lenders should email [email protected] for additional instructions. Lenders will also soon be able to key in values directly, according to the SBA notice.
Lenders should read the SBA notice carefully to make sure the follow the procedures exactly so they can be paid the processing fees. They will need to check a box on the Colson portal confirming several items, and they should monitor carefully the 1502 Dashboard daily for exceptions that are reported and correct them before 5 p.m. Eastern on the second business day after submitting the report. On the third business day, SBA will initiate the payment process.
With this major PPP administrative task accomplished for most of their loans, lenders will be able to turn more of their focus toward helping borrowers apply to have their PPP loans forgiven.
To see the latest SBA Procedural Notices regarding filing 1502s, visit Abrigo's SBA-PPP Lender Resources page, which includes links to SBA guidance, as well as recent blogs, webinars, and whitepapers related to the Paycheck Protection Program.