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.
The software automates the end-to-end process—from the digital application, necessary document collection, back office verification, and update to SBA (1502), while adhering to audit and compliance requirements. Furthermore, the software’s workflow and case management capabilities help in handling borrowers’ appeals and SBA’s loan review process in future.
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 SBA PPP loan origination software.
Key Features of Newgen’s PPP Loan Forgiveness Software
- End-to-end automation—omnichannel application, back office verification, and update to SBA
- Built-in payroll and forgiveness calculator in line with the latest PPPFA guidelines
- Automated generation and submission of 1502 reports
- Borrower self-service portal for secure submission, document upload, and real-time status tracking
- Alignment to SBA form 3508 and automated validations for loan forgiveness requests
- 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
- 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.