Market-leading TSoftPlus helps lenders expedite PPP loan forgiveness end-to-end workflow
With the U.S. CARES Act’s Paycheck Protection Program (PPP) now entering the loan forgiveness phase, Wolters Kluwer Compliance Solutions has launched its eagerly awaited TSoftPlus PPP Forgiveness Module to help local lenders and their small business client recipients of PPP funding facilitate both online and in-person loan forgiveness applications. The comprehensive, end-to-end solution facilitates and automates the application process for the forgiveness of loans to small businesses that received PPP emergency funding, providing seamless technology benefits to local lenders and PPP borrowers.
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“We’re a small bank and hadn’t processed an SBA small business loan in probably 20 years”
The TSoftPlus PPP Forgiveness Module builds on the success of Wolters Kluwer’s widely used solution, Paycheck Protection Program Supported by TSoftPlus™, which, since early April, has helped local lenders assist small businesses nationwide with payroll funding. The TSoftPlus technology has interfaced seamlessly with the Small Business Administration’s (SBA) E-TRAN platform, helping those businesses retain approximately one million U.S. jobs and thereby providing critical economic relief during the COVID-19 crisis.
“We’re a small bank and hadn’t processed an SBA small business loan in probably 20 years,” said Marji Wolfe, Loan Officer with Glasford State Bank in Glasford, Illinois. The bank helped several local businesses obtain PPP funding including two restaurants, a print supply firm, a construction company, area farmers, realtors and churches. “One customer said they didn’t think they’d stay in business without this lifeline. Wolters Kluwer’s technology was easy to navigate and allowed us to process 17 PPP loan applications. We are now looking forward to using the TSoftPlus software again for the loan forgiveness stage.”
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