Second round of PPP enables Wolters Kluwer to build on supporting main street business jobs.
Wolters Kluwer Compliance Solutions has announced that its Paycheck Protection Program (PPP) Supported by TSoftPlus™ solution, designed to help banks, credit unions, and other local lenders support small businesses with payroll funding during the COVID-19 crisis, has recommenced processing PPP loan applications under the replenished program funding, signed by President Trump on April 24.
There is continued strong interest in the Wolters Kluwer solution, with hundreds of local lenders using the solution and some reporting as much as a 20-fold productivity gain through using the TSoftPlus functionality compared to securing PPP loans direct via the Small Business Administration (SBA) website.
The impact of that effort is being felt by local lenders nationally in helping small businesses retain employees and keep their businesses afloat during the COVID-19 pandemic. North Star Community Credit Union, of Maddock, North Dakota, processed nearly 70 PPP loans using TSoftPlus software for the first round of funding.
“The Wolters Kluwer TSoftPlus solution allowed us to continue our very deliberate, strategic and proactive approach to help regional small businesses tap the CARES Act funds. We had already teed up several dozen more PPP loans applications in the systems in anticipation of a second round of funding that has now become available,” said Bob Herrington, CEO for North Star Community Credit Union. “These funds are really making a difference and making a huge impact for our members. Our experience using the TSoftPlus technology to process PPP loan applications has been truly positive.”
Wolters Kluwer data shows that during the first round of funding, the company helped small businesses retain 500,000 jobs by enabling local lenders to support those communities in all 50 states. Notably, 80 percent of the loans it processed were for small businesses with 20 or fewer employees.
“Previously we didn’t have much experience in applying for loans through the Small Business Administration, maybe one or two loans a year,” says John Stellner, president of Hometown Community Bank in Cyrus, Minnesota. “But the opportunity to help area small businesses get this payroll funding was critical so we used Wolters Kluwer’s TSoftPlus technology to help speed the PPP loan applications. We have been successful in helping about two dozen businesses access emergency payroll funding, ranging from a sanitation vendor and auto repair shop to a café, a local golf course, and area farmers who have been impacted by the COVID-19 crisis.”
New users are able to access the solution with no upfront costs and can be processing loans within hours after signing up to meet the urgent needs of small businesses in their local communities. In fact, applications that were entered and queued in TSoftPlus after the program’s initial funding ran out can be easily submitted by the solution as soon as the SBA starts to accept applications again.
More information about the solution, which includes free training and webinars with Wolters Kluwer’s compliance experts, is available on the dedicated webpage for Paycheck Protection Program Supported by TSoftPlus.
“This is a unique moment in our nation’s history to help leverage expert technology to expedite a speedy, efficient and compliant process in accessing emergency funds for small businesses,” said Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “Local lenders rely on our technology and compliance expertise to get this support to tens of thousands of small businesses. It is making a real difference in people’s lives and in supporting the nation’s economy during these unprecedented times.”
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.