Is your Financial Institution Prepared to Process SBA PPP Loan Forgiveness Requests?
With Loan Forgiveness Calculator & Automated 1502 reports
Panel Discussion: Loan Forgiveness - Next big challenge for Lenders in the United States
Join Bank of the Sierra and MidWestOne Bank as they share their stories about supporting their borrowers in processing their SBA Paycheck Protection Program (PPP) loan applications promptly at their time of need.
You made it through the long days, nights, and weekends to process your SBA Paycheck Protection Program (PPP) loans. It’s time for you to be ready to manage the complexities related to the loan forgiveness and process forgiveness requests while adhering to audit and compliance requirements.
Newgen’s SBA PPP loan origination software has enabled several leading banks to process loans quickly and efficiently. The software is now enhanced to help financial institutions automate the end-to-end loan forgiveness process – from the digital application, necessary document collection, backoffice verification, and update to SBA (1502).
Newgen’s cloud-based loan forgiveness software can be quickly deployed and configured for every financial institution — whether you processed your SBA PPP loan applications manually or digitally, with or without Newgen’s software.
Key Features of Newgen’s PPP Loan Forgiveness Software
- End-to-end automation—omnichannel application to document collection, back office verification, and update to SBA
- Borrower self-service portal for submission, document upload, and real-time status tracking
- Alignment to SBA form 3508 and automated validations for loan forgiveness requests
- Built-in forgiveness calculations based on payroll and other eligible expenses, assisting both borrowers on the portal as well as financial institutions
- Support for document upload and e-sign
- Queue-based workflow for specialized handling of different type of forgiveness requests (above $2M, advance purchase, etc.)
- Exception handling and communication with borrowers
- Approval processing with audit trails
- Automated generation and submission of 1502 reports
- Real-time reporting on requests, exceptions, and approvals
Your peers are ready to process loan forgiveness requests using Newgen’s software.
Please contact us now to learn more about our SBA PPP loan forgiveness offering or for a quick web-based software demo.