Wolters Kluwer Compliance Solutions has created an informational, multi-part podcast with J.R. Bruno & Associates, “COVID-19: 1502 Reporting Under the Paycheck Protection Program,” to offer lenders guidance on completing and filing Form 1502. A successful filing of Form 1502 to the Small Business Administration (SBA) triggers payment of loan processing fees to lenders under the U.S. CARES Act’s Paycheck Protection Program (PPP).
Episode One, “Ongoing 1502 Filing Requirements and Common Errors to Avoid,” has been recorded and provides listeners an overview of PPP lender obligations and outlines common missteps in the Form 1502 reporting process. Episode Two, “PPP Legislative Updates That Impact 1502 Filings and Procedures for Submission,” will delve more deeply into the intricacies and nuances of 1502 filings, including servicing, cancellations and delinquencies. Subsequent podcasts are planned.
Samir Agarwal, Vice President, Banking Segment Leader, for Wolters Kluwer Compliance Solutions hosts Lori McCausland, Senior Associate, JR Bruno Associations in an engaging discussion. Agarwal has helped oversee the implementation of Compliance Solutions’ Paycheck Protection Program Supported by TSoftPlus, which has helped lenders assist Main Street small businesses access critical PPP funding to support their business and, in the process, helped retain approximately one million U.S. jobs under the CARES Act. With expertise in SBA reporting, Lori McCausland has held department management positions at national and regional financial institutions and, at JRB, manages lending department staff training, loan servicing, and portfolio reviews.
Complying with Form 1502 reporting requirements under the Paycheck Protection Program can be complicated. Filing the 1502 Disbursement report is similar but handled differently from the regular SBA 7(a) loan program. It is important that lenders comply with the criteria to ensure they can collect fees in a timely manner. Even seasoned SBA lenders will glean insights on PPP-specific 1502 reporting requirements, and lenders new to SBA loans will gain understanding of the key elements to filing PPP 1502 reports. These podcasts provide more clarification on requirements for a successful filing and address some of the most common questions raised by lenders.
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
Wolters Kluwer’s TSoftPlus™ PPP Forgiveness Module is one of several expert solutions launched by the company’s GRC division in response to the COVID-19 crisis, including the Business Entity Search for CARES Act solution, offered by Wolters Kluwer’s Lien Solutions business, which conducts bulk/batch corporate identity searches to verify the business status of potential borrowers. COVID-19 Noteworthy Developments Bulletins, meanwhile, aggregates COVID-19 related global regulatory changes, orders, notices and other informational updates for the financial services industry. The division has also launched a COVID-19 resource center to provide businesses and law firms with international, federal and state legislative updates.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.