1502 Reporting

In 1995, Congress enacted a basis-point ongoing guaranty fee as part of the appropriation legislation for the Small Business Administration, and Colson Services Corp. was designated as the collection agent for this fee. The Department of the Treasury also requires from the SBA increased information on borrower payment as part of an effort to improve the management of U.S. Government financial obligations.

In order to collect the basis-point fee and to meet the new information requirements of the Department of Treasury, SBA has established a revised monthly reporting process using a standard remittance form, i.e. SBA Form 1502, which accommodates both secondary market remittance reporting and loan status information collection.

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