May 19, 2020 

By Caity Witucki
Contributing Editor

Treasury Secretary Steven Mnuchin Discusses 1502 Extension

During this morning’s Quarterly CARES Act Report to Congress, Arkansas Senator, Tom Cotton, urged Treasury Secretary, Steven Mnuchin, to provide participating Paycheck Protection Program (PPP) lenders with additional guidance on SBA Form 1502 reporting and push back the May, 22, 2020 reporting deadline. In response, Mnuchin indicated that the deadline may be pushed back to accommodate lending institutions that need more time to complete their reports. 

“I believe we have already pushed that date back, but I will check on that and confirm it,” said Mnuchin. “We want to make sure that we get the information but where there are small and medium-sized banks that have issues, we’ll obviously try to figure out how to accommodate them.”

As of 4:00 PM Eastern, on May 19, 2020, Treasury still had not officially announced a new 1502 reporting deadline. 

Quarterly CARES Act Report to Congress