Market-leading TSoftPlus to help facilitate PPP loan forgiveness end-to-end workflow.
Wolters Kluwer Compliance Solutions is ready to help local lenders and their small business client recipients of Paycheck Protection Program (PPP) funding facilitate online loan forgiveness applications through its TSoftPlus™ PPP Forgiveness Module. The comprehensive end-to-end solution will facilitate and automate the application process for the forgiveness of loans to small businesses that received PPP emergency funding under the U.S. CARES Act. The offering, providing seamless technology benefits, will be made available to local lenders and PPP borrowers following finalization of requirements from the Small Business Administration (SBA) and U.S. Treasury.
The TSoftPlus PPP Forgiveness Module will allow lenders and borrowers to benefit from improved accuracy and document management. It combines the functionality of Wolters Kluwer’s Online Loan Applications product, which enables compliant, convenient distance banking for borrowers, with its Paycheck Protection Program Supported by TSoftPlus™ solution. This widely used solution was launched in early April to assist lenders in their support of small businesses nationwide with payroll funding, providing relief from the onslaught of the COVID-19 crisis.
“Wolters Kluwer continues to play a major and historic role in helping hundreds of local lenders and their Main Street business customers. In the process, our TSoftPlus automated solution has so far helped those businesses retain approximately one million jobs across all 50 states,” said Steven Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “Now we are again focusing our capabilities to substantively assist PPP loan program borrowers and lenders in the loan forgiveness phase. The TSoftPlus PPP Forgiveness Module will help simplify and speed the complex process of applying for loan forgiveness under the CARES Act. It promises an intuitive borrower experience, processing gains for lenders that we expect to be up to 20 times faster than manual solutions.”
The product’s online functionality will expedite the loan forgiveness application process for remote, electronic application transactions. Notably, the TSoftPlus PPP Forgiveness Module will feature an online form pre-populated with required SBA documents and existing PPP borrower loan information. This approach speeds and automates loan documentation and uploads, thereby enhancing overall application accuracy while reducing the occurrence of incomplete applications. Both existing TSoftPlus customers, who will already have access to the system, and new customers will find the comprehensive solution straight-forward and user friendly. Customers will be immediately able to upload basic PPP data, thereby helping avoid the backlog issues that were widely reported by non-TSoftPlus users during the approval phase of the PPP program.
The seamless user experience and workflow will enable lenders and small businesses to focus efforts on the challenge of determining how much of a PPP loan is eligible for forgiveness. “Initially businesses turned to their accountants for guidance around eligibility and application. With the most recent Internal Revenue Service (IRS) notice around deductibility of expenses funded by a PPP loan and the subsequent loan forgiveness, the questions have gotten more challenging. We continue to provide ongoing guidance, tax expertise, and briefings for accountants to help them navigate the complexities of the program,” said Mark Luscombe, JD, LL.M, CPA, Principal Analyst, Wolters Kluwer Tax & Accounting.
Paycheck Protection Program Supported by TSoftPlus is one of several solutions launched by Wolters Kluwer’s GRC division in response to the COVID-19 crisis, including the Business Entity Search for CARES Act solution, offered by Wolters Kluwer’s Lien Solutions business, which conducts bulk/batch corporate identity searches to verify the business status of potential borrowers. COVID-19 Noteworthy Developments Bulletins, meanwhile, aggregates COVID-19 related global regulatory changes, orders, notices and other informational updates for the financial services industry. The division has also launched a COVID-19 resource center to provide businesses and law firms with international, federal and state legislative updates.