@RobertSpencer Issue #837 "SongSelect import issue" has been created for this issue.
There is a workaround that will allow you to use the SongSelect import until someone fixes the issue....It is a bit of work on your part, but it does work....
Edit the SongSelect file and remove the empty line between the parts of the verse. Then import the file like normal.
Or
Import the song as a Generic Document/Presentation....This import will get the lyrics right, but the song title will be "Verse 1" and you will need to open the song and clean up the authors, CCLI number and copywrite information.
Neither workaround is perfect, but may help if your song load isn't too high.