In anticipation of the recently announced U.S. fiscal stimulus package, which provides $284.5 billion in additional Paycheck Protection Program (PPP) stimulus funding, Wolters Kluwer’s Compliance Solutions business has further enhanced its award-winning Paycheck Protection Program Supported by TSoftPlus™ software to expedite Small Business Administration (SBA) loan applications. Thanks to its recently announced acquisition of eOriginal, Wolters Kluwer Compliance Solutions is also able to offer a digital loan platform that enables compliance with SBA Appendix 8 mandates for digital loans.
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These complementary solutions allow lenders to navigate the intricacies of PPP. Benefits include accelerated PPP lending from application, to closing, to pledging to the Federal Reserve under the Borrower-in-Custody program by eliminating the manual post-closing activities that have presented an unanticipated challenge for the industry.
The upgraded TSoftPlus software features SaaS workflow functionality and is designed to help main street lenders support the anticipated flood of new PPP loan applications to help small businesses manage the negative impacts of the Covid-19 pandemic. Wolters Kluwer has integrated its award-winning Online Applications technology to integrate borrowers’ online loan applications directly into the TSoftPlus platform, reducing duplicative manual entry of loan applicant information, while further digitizing the process end-to-end, from origination through the forgiveness phase.
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Notably, TSoftPlus also includes combined and complementary capabilities with eOriginal’s digital lending platform to simplify the SBA PPP program for lenders in three key ways. This includes the ability for SBA lenders to execute an end-to-end workflow for PPP loans digitally. The solution also enables lenders to meet the SBA’s mandatory compliance requirements for digital loan signature and storage. Finally, lenders can apply standards that align to Borrower-in-Custody requirements for their Federal Reserve Banks, streamlining the pledging process to free up capital.
The enhanced TSoftPlus solution, meanwhile, provides additional functionality for online applications, e-signature, digital asset certainty, closing documents and electronic submission to the SBA. It also provides active monitoring and updating of SBA forms and criteria, transaction status reporting, full forgiveness processing and the ability to electronically pledge loans to the Federal Reserve. Collectively, Wolters Kluwer and eOriginal have enabled almost 500 SBA lenders in the initial rounds of the PPP program, ensuring a contactless borrower experience and, in the process, helped those small businesses save more than two million U.S. workers’ jobs.
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