Banking Business Fintech News

Financial Institutions Can Manage Forgiveness of Paycheck Protection Program Loans with Fiserv and its Clients

Financial Institutions Can Manage Forgiveness of Paycheck Protection Program Loans with Fiserv and its Clients

Small businesses that have obtained a PPP loan can realize full impact of the program by applying for forgiveness via their financial institution and Fiserv

Fiserv, a leading global provider of payments and financial services technology solutions, is ready to help banks and credit unions facilitate loan forgiveness applications and service loans made through the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP). Financial institutions will be able to utilize the SBA PPP lending solution from Fiserv to accept loan forgiveness applications, even if they originated PPP loans in another way.

Read More: Healthfully and Paya Deliver Expanded Patient Care and Payments Through New Partnership

@Fiserv announces that it will help #banks and #creditunions process loan forgiveness applications for #sbaPPP.

Fiserv has worked with hundreds of financial institutions across the United States to help facilitate more than 100,000 loans to small businesses.

“We turned to Fiserv for SBA PPP support to secure desperately needed funding for main street businesses. We secured nearly $38 million for more than 400 local small businesses,” said Matt Speare, CIO at Martinsville, Virginia-based Carter Bank & Trust. “Averaging $88,000, these were truly main street loans. The response from our community has been overwhelming – and we’re looking forward to continuing our work with Fiserv as these businesses seek loan forgiveness and additional servicing.”

Read More: Abrigo Adds Transparent Artificial Intelligence Scenarios, Direct File to FinCEN to its Financial Crime Prevention Software

The end-to-end SBA PPP lending solution includes a digital portal that can be accessed by businesses to apply for loan forgiveness, allowing them to maximize the impact of their loan. The SBA has indicated that PPP loans can be fully forgiven if the funds are used primarily for payroll costs, interest on mortgages, rent and utilities.

The Fiserv solution also includes a financial institution portal that enables institutions to perform the review and verification processes they deem necessary, and provides connectivity to the SBA for easier, more efficient completion of the forgiveness process.

“This is a critical time for our community, our members and the small businesses that they run and depend upon daily,” said Brenda Hooker, CEO at Huntsville, Texas-based Community Service Credit Union. “We have been able to secure more than $800,000 of SBA PPP lending for our community. The solution Fiserv has created is simpler, more efficient and more reliable than submitting via E-Tran directly, and we will definitely be working with Fiserv for the PPP loan forgiveness process.”

Read More: smartTrade’s Solution Awarded Best Multi-Asset EMS System by Markets Media

Related posts

MortgageHippo Integrates with Snapdocs to Simplify Digital Mortgage Experience for Borrowers

Fintech News Desk

Plastiq Announces First End-to-End Intuit QuickBooks Online Integration in the Payments Industry

Fintech News Desk

Barclays appoints Rafael Abati as Co-Head of Energy Transition EMEA

Business Wire