Technology speeds a key step in Paycheck Protection Program loan forgiveness applications
MINNEAPOLIS–(BUSINESS WIRE)–#cares–With the Small Business Administration’s (SBA) Loan Forgiveness Portal now live, Wolters Kluwer Compliance Solutions has begun submitting completed borrower loan forgiveness application data directly to the SBA via its TSoftPlus™ PPP Forgiveness Module. The Module was launched in June to help lenders guide small business client recipients of Paycheck Protection Program (PPP) funding in processing online and in-person loan forgiveness applications. The SBA’s Loan Forgiveness Portal went live Monday, August 10.
It is expected that Wolters Kluwer’s TSoftPlus technology will help speed thousands of PPP loan forgiveness applications through the SBA’s designated loan forgiveness portal.
The TSoftPlus PPP Forgiveness Module is a comprehensive solution that expedites the application process for the forgiveness of loans to small businesses that received PPP emergency funding, providing automated technology benefits to local lenders and PPP borrowers.
Complying with loan forgiveness requirements under PPP can be complicated. David Brandt, Chief Financial Officer for ELGA Credit Union in Burton, Mich., noted that Wolters Kluwer’s TSoftPlus technology made a significant difference in processing its members’ PPP loan applications and offers critical support for the loan forgiveness stage.
“We selected Wolters Kluwer’s technology after vetting a handful of vendors,” recalled Brandt. “The efficiency of the TSoftPlus functionality, together with solid customer service support, helped us deliver nearly 300 PPP loans to Main Street borrowers ranging from local restaurants and small manufacturers to real estate firms, hair salons and a number of sole proprietors. I’m very appreciative of having this technology available and know that we’ve made a difference for a lot of businesses and their employees.”
Wolters Kluwer Consulting Services experts are offering Forgiveness Module users online training sessions to provide more clarification on loan forgiveness requirements for a successful application and to 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 iLien for Main Street, a technology solution to help U.S. lenders optimize their due diligence and lien management efforts when securing loans for small and medium-sized businesses under the Main Street Lending Program. COVID-19 Noteworthy Developments Bulletins, meanwhile, aggregates COVID-19 related global regulatory changes, orders, notices and other informational updates for the financial services industry.
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.
Director of Global Corporate Communications, Banking & Regulatory Compliance
Governance, Risk & Compliance
Office +44 20 3197 6586
Corporate Communications Manager, Banking & Regulatory Compliance
Governance, Risk & Compliance Division
Tel: +1 612-852-7966
On Twitter: @davidafeider