Wolters Kluwer Compliance Solutions has once again demonstrated industry leadership in the wake of the ongoing pandemic, this time by continuing to educate the market about the challenges of the Paycheck Protection Program (PPP). It will hold a webinar later today, dedicated to discussing the upcoming Loan Forgiveness stage of the U.S. Paycheck Protection Program. The event, which takes place today at 2 p.m. EDT, will include presentations from Wolters Kluwer experts who will provide an overview of the PPP loan forgiveness process. The webinar is the latest in a number of well attended educational sessions the company has held.
“Forgiveness of all or a portion of a PPP loan is an attractive feature that many borrowers may request,” Wolters Kluwer noted in a Media Alert sent to reporters today. “But computing the amount that can be forgiven and the required steps and documentation is complex. Lenders need to understand these rules to prepare for likely large volumes of borrower requests for PPP loan forgiveness.”
Topics for discussion in today’s webinar include the steps a borrower should take to apply for PPP loan forgiveness, as well as details about what documentation borrowers must submit to support an application for forgiveness. Wolters Kluwer’s experts will also examine how, and through what system, the U.S. Small Business Administration (SBA) will process forgiveness applications from lenders.
Yesterday we reported how Wolters Kluwer had announced that it is ready to help local lenders and their small business client recipients of PPP funding facilitate online loan forgiveness applications through its TSoftPlus™ PPP Forgiveness Module. The comprehensive end-to-end solution will facilitate and automate the application process for the forgiveness of loans to small businesses that received PPP emergency funding under the U.S. CARES Act, according to the company. The offering will be made available to local lenders and PPP borrowers following finalization of requirements from the SBA and U.S. Treasury.
The TSoftPlus PPP Forgiveness Module will allow lenders and borrowers to benefit from improved accuracy and document management. It combines the functionality of Wolters Kluwer’s Online Loan Applications product, which enables compliant, convenient distance banking for borrowers, with its Paycheck Protection Program Supported by TSoftPlus™ solution. This widely used solution was launched in early April to assist lenders in their support of small businesses nationwide with payroll funding, providing relief from the onslaught of the COVID-19 crisis.
“Wolters Kluwer continues to play a major and historic role in helping hundreds of local lenders and their Main Street business customers. In the process, our TSoftPlus automated solution has so far helped those businesses retain approximately one million jobs across all 50 states,” said Steven Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “Now we are again focusing our capabilities to substantively assist PPP loan program borrowers and lenders in the loan forgiveness phase. The TSoftPlus PPP Forgiveness Module will help simplify and speed the complex process of applying for loan forgiveness under the CARES Act. It promises an intuitive borrower experience, processing gains for lenders that we expect to be up to 20 times faster than manual solutions.”
Wolters Kluwer Compliance Solutions is a a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
Responding to the pandemic
Paycheck Protection Program Supported by TSoftPlus is one of several solutions launched by Wolters Kluwer’s GRC division in response to the COVID-19 crisis, including the Business Entity Search for CARES Act solution, offered by Wolters Kluwer’s Lien Solutions business, which conducts bulk/batch corporate identity searches to verify the business status of potential borrowers. COVID-19 Noteworthy Developments Bulletins, meanwhile, aggregates COVID-19 related global regulatory changes, orders, notices and other informational updates for the financial services industry. The division has also launched a COVID-19 resource center to provide businesses and law firms with international, federal and state legislative updates.
The first round of PPP funding saw $349 billion committed to job retention, with Wolters Kluwer assisting in PPP loan approvals supporting approximately one million jobs in all 50 states. Notably, 80 percent of the loans Wolters Kluwer processed were for small businesses with 20 or fewer employees. The second round of funding, worth an additional $310 billion, is now underway, with Wolters Kluwer continuing to assist its bank and credit union customers secure vital aid for small businesses. The loan forgiveness stage is a particularly challenging and important part of the funding, according to industry observers.
Positive customer feedback
Many Wolters Kluwer customers are reporting as much as a 20-fold productivity gain through using the TSoftPlus functionality compared to securing PPP loans direct via the Small Business Administration (SBA) website.
And the impact of Wolters Kluwer’s effort is clearly being felt by local lenders nationally in helping small businesses retain employees and keep their businesses afloat during the COVID-19 pandemic. North Star Community Credit Union, of Maddock, North Dakota, for example, processed nearly 70 PPP loans using TSoftPlus software for the first round of funding.
“The Wolters Kluwer TSoftPlus solution allowed us to continue our very deliberate, strategic and proactive approach to help regional small businesses tap the CARES Act funds.,” said Bob Herrington, CEO for North Star Community Credit Union. “These funds are really making a difference and making a huge impact for our members.”
Community banks, meanwhile, have also noted the impact the Wolters Kluwer solution has had. “Previously we didn’t have much experience in applying for SBA loans – maybe one or two loans a year,” says John Stellner, President of Hometown Community Bank in Cyrus, Minnesota. “But the opportunity to help small businesses get this payroll funding was critical so we used Wolters Kluwer’s TSoftPlus technology to help speed the PPP loan applications.”
A recording of today’s informational webinar will be available approximately 48 hours after the event on the TSoftPlus website.