Technology facilitates small business stimulus funding through PPP loan applications
Community Bank, based in Joseph, Ore., has selected Wolters Kluwer Compliance Solutions’ Paycheck Protection Program Supported by TSoftPlus™ to help expedite Paycheck Protection Program (PPP) loan applications for its small business customers.
For more than 20 years, Wolters Kluwer’s TSoftPlus technology has helped lenders facilitate Small Business Administration (SBA) loans for their customers. However, the Covid-19 pandemic and resulting CARES Act stimulus program in early 2020 necessitated major modifications to the software to help affected small business clients access this critical funding. In April 2020, Wolters Kluwer launched an enhanced TSoftPlus offering to accommodate PPP requirements and, with its recent acquisition of eOriginal, now offers a digital loan platform that enables SBA electronic signature and record retention mandates for digital loans.
Collectively, Wolters Kluwer and eOriginal technology have enabled almost 500 SBA lenders in the initial rounds of the PPP program, ensuring a contactless borrower experience and, in the process, helping small businesses save more than 10 million U.S. workers’ jobs.
“We were already familiar with Wolters Kluwer’s extensive regulatory compliance and financial technology capabilities through our use of its CRA Wiz® solution, which helps us manage our community reinvestment obligations,” said Tom Moran, President and CEO, Community Bank. “They’ve proven to be a trusted partner. And that strong relationship continues with our adoption of TSoftPlus, a system that is working slick and really helping out our PPP process in a number of different areas.”
Lenders who use TSoftPlus for PPP loan originations by accessing Wolters Kluwer’s online applications tool will experience upwards of a 30 percent efficiency gain. This productivity gain is in addition to the 20x lift on lender workflow efficiency experienced when using TSoftPlus PPP instead of manual processing.
“We are grateful for the opportunity to help lenders like Community Bank support main street businesses through our TSoftPlus offering, which has played a key role in enabling lenders to help their clients navigate the complexities of the PPP loan application and forgiveness process,” said Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. “TSoftPlus functionality has provided an appealing, reliable alternative to applying directly via the SBA’s system through manual loan applications. Through this technology, we are contributing in a substantive, meaningful way to help lenders and their small business clients manage through this difficult period.”