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
The Small Business Administration (SBA) has finalized borrower guidelines, lender guidelines, and the Paycheck Protection Program Flexibility Act (PPPFA), providing more time and flexibility to borrowers, and making it easier for them to qualify for forgiveness. Newgen’s SBA PPP loan forgiveness software is ready to help financial institutions in processing forgiveness requests.
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