The SBA has officially opened up round three of PPP funding to all financial institutions, and here at Q2 we understand the agility and preparation it takes for lenders to participate. If you read our recent blog on what to expect for the next phase of PPP funding, you’ll likely recall that there will be higher scrutiny on loan eligibility this time around. That said, it’s important to set expectations for borrowers on the front-end, saving time and resources for FIs and helping businesses avoid financial headaches down the line.
To help, we’ve created an application simulator that determines eligibility and loan amount calculation as a preliminary step, and we’re making it available to FIs and their customers free of charge.
As an interactive workbook, the calculator breaks down how each eligibility condition is evaluated and gives a detailed overview of how loan amounts are computed, also accounting for attestation items included in the SBA application. The result? A clearer, more accurate picture of the funds a borrower can expect—all before applying.
PPP eligibility is complex, and this tool brings clarity to both FIs and their customers. Start using the loan calculator today.
Learn more about our automated PPP solutions so you can issue more loans and manage the loan forgiveness portion.
This checklist is being provided as a supplement to your existing process and is based upon Q2 Software, Inc.'s interpretation of applicable laws at the time when it was prepared. This checklist is subject to change, including as a result of changes in applicable laws and/or in related guidance and best practices. It is not intended to be legal advice and you should consult (i) all applicable laws, (ii) applicable authorities, and (iii) with your own legal advisors, in participating in the PPP program. Q2 Software, Inc. undertakes no obligation to update this checklist.