Calendar Year 2020 Schedule of 1502 Report & Payment Due Dates for 7(a) Loans
Summary
SBA Information Notice, control no. 5000-19025, effective December 20, 2019, informing SBA employees, Lenders and Community Advantage Lenders of the SBA Form 1502 report and payment due dates for 7(a) loans in calendar year 2020. Under paragraph 6 of SBA Form 1086, payments are due at the Fiscal and Transfer Agent (FTA), Colson Services Corporation, on the third calendar day of the month, with a grace period of two business days, after which a Late Payment Penalty is assessed. The notice lists the final due dates for each month of 2020, from January 7th to December 7th. It carries the signature block of Dianna L. Seaborn, Director, Office of Financial Assistance, and expires 12-01-20.
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Full text
SBA Information Notice
TO: All SBA Employees CONTROL NO.: 5000-19025
SUBJECT: Calendar Year 2020 Schedule of 1502 EFFECTIVE: December 20, 2019
Report & Payment Due Dates for 7(a) Loans
The purpose of this notice is to inform SBA employees, Lenders and Community Advantage Lenders
about the SBA Form 1502 report and payment due dates for calendar year 2020. According to paragraph
6 of SBA Form 1086, payments are due at the Fiscal and Transfer Agent (FTA) on the third calendar day
of the month, or the next business day if the third is not a business day. The SBA allows a grace period of
two business days after the due date.
If the FTA receives a regularly scheduled payment after the expiration of the grace period, a Late
Payment Penalty is assessed. Paragraph 6(c) of SBA Form 1086 describes the components of the Late
Payment Penalty. Lenders are billed for Late Penalties at the end of each month. Late Penalties are due
to the FTA, Colson Services Corporation, with the Lender's next monthly Form 1502 remittance.
Below is a schedule of FINAL due dates, which includes the grace period of two business days for
regularly scheduled payments.
SCHEDULE OF FINAL DUE DATES FOR CALENDAR YEAR 2020
January 7th
February 5th
March 5th
April 7th
May 6th
June 5th
July 7th
August 5th
September 8th
October 7th
November 5th
December 7th
PAGE 1 of 2 EXPIRES: 12-01-20
SBA Form 1353.3 (4-93) MS Word Edition; previous editions obsolete
Must be accompanied by SBA Form 58
Federal Recycling Program Printed on Recycled Paper
Notification and Questions
SBA field offices must notify Lenders about this Notice. Questions concerning this Notice may be
directed to Marybeth Kerrigan in the Office of Financial Assistance at mary.kerrigan@sba.gov. Questions
concerning specific Late Penalties that have been charged to lenders should be directed to Larry Packer of
Colson Services at (718) 315-5102 or email to latepenalty@colsonservices.com.
Dianna L. Seaborn
Director
Office of Financial Assistance
PAGE 2 of 2 EXPIRES: 12-01-20
SBA Form 1353.3 (4-93) MS Word Edition; previous editions obsolete
Must be accompanied by SBA Form 58
Federal Recyling Program Printed on Recycled Paper
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- Original
- www.sba.gov