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.”
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
Wolters Kluwer’s GRC division provides an array of expert solutions to help U.S. financial institutions manage regulatory and risk obligations. Compliance Solutions’ OneSumX® for Regulatory Change Management helps financial institutions more effectively manage the significant volume, scope and breadth of changing laws and regulations impacting their businesses. Wolters Kluwer Lien Solutions’ iLien Motor Vehicle solution provides for the processing and management of motor vehicle titles and liens, helping solve the most unique and complicated challenges in title perfection. In addition, CT Corporation’s Covid-19 resource center provides businesses and law firms with timely international, federal and state legislative updates.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2020 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.