Q2 Holdings, a leading provider of digital transformation solutions for banking and lending, announced the launch of its end-to-end digital lending solution specifically designed to help financial institutions accelerate application acceptance and funding to small businesses under the U.S. Small Business Administration (SBA) Paycheck Protection Program within the Coronavirus Aid Relief and Economic Security (CARES) Act recently enacted by the U.S. Department of Treasury. This solution is provided via Q2 Cloud Lending, Q2’s integrated, cloud-based lending platform.
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“I’m extremely thankful for our customers and their commitment to their small business customers – this solution will help them serve those who need them the most right now.”
The Payroll Protection Program (PPP) authorizes financial institutions to provide up to $349 billion in funds to U.S. small businesses and merchants negatively impacted by the Coronavirus (COVID-19). The loans will be forgiven if used to pay for payroll costs and other authorized expenses – making the aid package a massive opportunity for financial institutions and small businesses alike. The funds from the aid package are required to be distributed by June 30, 2020.
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Due to the urgency of getting financial support into the hands of small businesses and the time-bound nature of the relief package, the Q2 Cloud Lending solution is focused on streamlining and digitizing the PPP application, eligibility, decisioning, funding and loan forgiveness process for this critical support. The Q2 Cloud Lending solution is designed to meet the expectations of the mobile-first small business borrower, and is built natively on the Force.com platform, providing best-in-class flexibility, speed to market and scale.
“Q2 is committed to our financial institution partners and the small businesses they bank. They are the backbone of our economy, and using technology to help deliver aid and reduce their pain during this moment is critical,” said Q2 CEO Matt Flake. “I’m extremely thankful for our customers and their commitment to their small business customers – this solution will help them serve those who need them the most right now.”
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