Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, is ready to help financial institutions facilitate paycheck protection loan applications and service loans made through the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP). New funding for the program was signed into law on December 27, 2020.
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Fiserv has enabled PPP lending since the initial round of funding was made available in early 2020, and has remained engaged with the SBA as application, eligibility and submission requirements have been finalized for this latest round. Accordingly, Fiserv will offer an updated, streamlined platform that takes any adjustments into account, with the goal of expediting the nationwide process of delivering needed funds to small businesses.
In 2020, Fiserv worked with hundreds of financial institutions across the United States to help facilitate more than 100,000 loans to small businesses and has helped many of these organizations navigate the complex PPP loan forgiveness process, earning positive feedback from clients.
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Fiserv is providing PPP lending support in conjunction with StreetShares, which offers business lending solutions technology to allow community banks and credit unions to affordably make small business loans with a 100% digital, omni-channel experience.
Fiserv also recently announced a program to provide free and lower-cost PPP forgiveness applications to Minority Depository Institutions and minority-owned businesses, and will also offer MDIs free and lower-cost access to this new end-to-end PPP offering.
