Lenders can benefit from enhanced TSoftPlus features to help optimize their lending capabilities for Round 3 of PPP
Wolters Kluwer’s Compliance Solutions business is to present a dedicated webinar to provide an expert overview on the new law amending the U.S. Paycheck Protection Program (PPP), along with an overview on Wolters Kluwer’s TSoftPlus technology which expedites PPP lending. The webinar, Round 3 of Paycheck Protection Program (PPP) supported by TSoftPlus,” will be held on Wednesday, January 6 from 3:00 to 4:00 p.m. EST.
December 27, 2020, marked the U.S. federal government passage of the Consolidated Appropriations Act, 2021 (H.R.133), which includes $284.5 million in additional PPP funding. The third round of PPP helps lenders support small businesses suffering from the severe economic challenges brought on by the COVID-19 pandemic.
In anticipation of this new PPP funding, Wolters Kluwer recently announced significant enhancements to its award-winning Paycheck Protection Program Supported by TSoftPlus™ software to expedite Small Business Administration (SBA) loan applications. Benefits include accelerated PPP lending from application, to closing, to pledging to the Federal Reserve under the Borrower-in-Custody program by eliminating the manual post-closing activities that have presented an unanticipated challenge for the industry. Wolters Kluwer Online Applications technology integrates borrowers’ online loan applications directly into the TSoftPlus platform, reducing duplicative manual entry of loan applicant information, while further digitizing the process end-to-end, from origination through the forgiveness phase.
Wolters Kluwer experts presenting on the upcoming webinar include Michael Fuchs, Director of Commercial Lending, and Christine Zimmer, Senior Solution Sales Specialist. Fuchs will share his first-reaction summaries of key points of the new law, focusing on lender processing fees, first- and second-time borrower eligibility, permitted uses of proceeds, loan forgiveness, and program time frames. Zimmer will elaborate on TSoftPlus product highlights and recent enhancements.
“The passage of additional PPP funding comes at a critical time for small businesses across the country as lenders work closely with them to help these businesses weather the severe economic fallout of the pandemic,” said Steven Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “Thanks to our recently announced acquisition of eOriginal, we have further upgraded our TSoftPlus PPP capabilities via a digital loan platform that enables compliance with SBA Appendix 8 mandates for digital loans. These enhancements will help lenders and their small business clients better navigate the intricacies of the PPP process.”