Xamin, a leading provider of managed IT services for highly regulated and reputation-sensitive companies, announced its partnership with PSC Group, a professional services and information technology consulting firm, to create a new Paycheck Protection Program (PPP) loan process platform, aimed to help financial institutions streamline and accelerate the processing of applications and facilitate the forgiveness of funds.
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Xamin partnered with PSC Group to create a new Paycheck Protection Program (PPP) loan process platform, aimed to help financial institutions streamline and accelerate the processing of applications and facilitate the forgiveness of funds.
After facing the initial challenges that came with the PPP application process, business owners and financial institutions will soon face the next step – loan forgiveness. The U.S. Department of the Treasury has provided guidelines, however, there will still likely be challenges.
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According to a recent survey from Cornerstone and Autobooks, almost half of small businesses between $100,000 and $50 million in revenue still rely on spreadsheets for their accounting, and 10 percent of businesses with less than $1 million in revenue have absolutely no technology to support their accounting efforts. Tracking “forgivable” expenses will be difficult for these businesses. Financial institutions will also likely face challenges, from servicing the non-forgiven portions of loans to debt categorization, potential audits and even customer service challenges, according to an article in Forbes.
To streamline both the application and forgiveness processes of these loans, Xamin and PSC Group leveraged its industry expertise as well as input from bank partners to create a customizable platform, specific to PPP loans. Owned by the bank, the platform provides the institution with a customizable and brandable front-end form for PPP loan applications and forgiveness. The new platform also utilizes Microsoft Office 365 SharePoint for file storage and Nintex for Workflow Management, which are both SOC certified to ensure the privacy and security of the small business customer’s data while also ensuring regulatory compliance for the institution.
“We know small businesses are depending on these lifeline loans to survive and with the volume of loans to be processed coupled with operational challenges, it is critical to ensure that the SBA loan process is quick and accurate,” said Nate Pave, Business Development Manager at PSC Group, LLC. “Our team is proud to partner with Xamin,
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