SBA has released the Interim Final Rules and the updated Applications forms on Paycheck Protection Program as Amended by the “Economic Aid Act”. The latest rules present substantial changes including First draw and second draw rules, eligibility criteria, rollout timelines, SBA portal APIs, and submission methodology. Is your financial institution ready to accept the PPP applications while complying with SBA guidelines?
Newgen is on top of the changes including updates on the separate SBA portal and new integration APIs. Newgen’s comprehensive system can help you avoid the process complexity and risk with new systems while servicing your customers on time.
A lot of your peers have already selected Newgen’s Loan Origination Software for the originating loans under the “Economic Aid Act”. Newgen solution enables an end-to-end lending lifecycle including online applications, back-office processing, API-based SBA portal integration, and loan forgiveness processing.
Newgen delivers a comprehensive solution for SBA PPP loans with the following features:
- Compliance to SBA guidelines as per the “Economic Aid Act”.
- Omni-Channel and self-service portal for the first draw and second draw loans
- Automated eligibility checks for all eligible borrowers including latest updates
- Real-time integration with the new SBA portal using updated APIs released by SBA
- E-Sign integration with DocuSign and Adobe Sign for loan application and closing documents
- Queue based workflow application review, underwriting, documentation, and booking.
- Exception handling and automated communication with borrowers on the status update
- Document generation using Newgen solution or through integration with LaserPro
- Real-time reporting on requests, exceptions, approvals, and booking.
- Integrated PPP loan forgiveness module for long term usage.
- Cloud-based deployment quick deployment within days.
Contact us today to schedule a call or demo of Newgen’s PPP solution.
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.Watch Recording