As the COVID-19 pandemic progresses, small and medium-sized businesses continue to look for financial resources to help them weather the storm. Many financial institutions (FIs) are responding to new challenges as well, laboring through the processes for SBA PPP loan origination and loan forgiveness, grappling with difficult and evolving regulations and large volumes of documentation.
The challenges business owners and FIs are facing now require new lending technology to address the immediacy of need and the stresses on FIs’ existing lending infrastructure and staff. In response, Q2 is providing help on all counts.
Our loan origination and forgiveness solution is bringing timely relief to borrowers while giving FIs of all sizes the tools they need to fund the businesses that make up the economic foundation of their communities. These solutions also enable FIs to manage overwhelming regulations and paper loads more easily, and even gain a competitive edge amid this unpredictable climate.
Q2 Loan Origination and Forgiveness
Social distancing is driving even more digital banking, including emergency lending. To help adapt to borrowers’ evolving needs, Q2’s cloud-based, API-driven, highly configurable technology helps FIs provide effective, efficient, and far less stressful loan origination and forgiveness experiences.
Consider these key strategies we’re employing to address current and evolving need:
- Q2’s solution can be installed and configured remotely. Even better, we can have an FI up and running fast – within four days in most cases.
- We actively monitor SBA PPP loan origination and forgiveness guidelines and provide automated updates to our customers through our solution. Changes may occur but those using our solution won’t be left in the dark.
Take a deeper look at some of the ways Q2’s solutions are providing better experiences for FIs and lenders participating in the SBA PPP program.
Benefits & Features Snapshot
Loan Origination
Digital, Online and Mobile Loan Origination
100% Digital SBA 7(a) PPP Loan Application completed in just minutes.
Automated Loan Decisioning
Instantly determine eligibility, automate decision-making, and generate online credit offers; eligibility and qualification based on SBA rules for CARES Act loans.
Digital Workflow
Transform back-office workflow; increase speed and productivity, including E-Tran Submission, Advanced Payroll Analysis, and tracking through our SBA Dashboard.
Document Compliance and Automation
Dynamically enforce SBA document checklists and fully compliant and warrantied SBA documents using CSI. Your FI also can upload documents via online and mobile channels and generate documents for electronic signature.
Loan Forgiveness
Proactive Compliance
Use digital tools, notifications, and intelligent automation to proactively encourage and reinforce permissible use. Your FI will be able to track essential data required to monitor permissible use of funds and loan forgiveness – including number of employees and spending.
Capture Usage Documentation
Collect documentation to verify permissible use of Paycheck Protection Program loan funds –
payroll reports, bank statements, utility bills, and mortgage statements.
Adjudication of Loan Forgiveness
Your institution can manage the loan forgiveness adjudication process quickly and efficiently using digital workflows.
Analytics to assist your business borrowers in meeting forgiveness requirements
Make your borrower a participant in loan forgiveness by showing them their spending and reinforcing a permissible ratio of 75% (or more) and up to 25% used for other permissible expenses like mortgage interest, rent, utilities, and group benefits and healthcare premiums.
Servicing and Refinance
Automatically identify disqualified loans and servicing or refinance the loan through maturity.
Learn more about the Q2 SBA PPP Loan Origination and Forgiveness solution. Not only can we assist FIs in the U.S. during these trying times, we can help those in the UK and Australia as well.
Call us at 1-833-444-3469 to discuss our technology and your immediate needs.
If you’re interested in following the latest Q2 digital lending blogs or reading recently posted information on U.S. and international lending matters during COVID-19, bookmark this page.
