Loan Forgiveness Solution for Small Business Lenders

Loan disbursement was frustrating for PPP lenders and borrowers alike. High loan volumes, technical challenges, and manual processing were significant problems.

Small business Lenders especially face a steep challenge in the next phase of the CARES Act’s Paycheck Protection Program (PPP). As borrowers apply for loan forgiveness, PPP lenders will be processing applications and collecting supporting documentation. They’ll also be calculating loan-forgiveness amounts and servicing the unforgiving portion as loans to be paid back within two years.

But don’t worry, because PPP lending software with loan forgiveness for small business lenders is right here. Yes, This software helps banks efficiently and securely process loan applications and loan forgiveness and respond quickly to support businesses in need. It is introduced to avoid time-consuming procedures when applying for the Paycheck Protection Program.

What is PPP Lending Software with Loan Forgiveness?
PPP stands for Paycheck Protection Program, which means it is known as paycheck protection program lending software with loan forgiveness. It offers forgivable loans to small businesses. It provides funds to help the owners to cover up to 24 weeks of payroll costs, interest on mortgages, rent, and utilities. It also encourages the owners to maintain the salary of employers as well. This software’s main purpose is to improve financial inclusion globally while providing pathways for generating new revenues for your organization.

Key Features of PPP Loan Forgiveness Software:

• Self-service portal for PPP loan and forgiveness applications.
• Convenience, Profitable, and productivity.
• Easy to operate.
• Drives short-term gains and long-term growth.
• Calculate and validate forgiveness amounts with intelligent forms based on PPP criteria.
• The online process for providing the required data and documentation.
• Real-time API-based integration.
• Queue based workflow application; such as: reviewing, underwriting, documentation, and booking.
• Real-time reporting on approvals, requests, and exceptions.
• Review and valid all the documents for small business administration with a full audit trail.

Let’s know the benefits and uses of PPP Lending Software:

1. Provide Intuitive Customer Experience:
PPP software offers exceptional customer service where customers expect it, drives short-term gains and long-term growth, and generates insights to sustain momentum at a digital scale. The digital portal guides loan recipients with easy to use instructions and forms. In this way, you can easily upload the documents and review the status of your PPP loan-forgiveness request on a simple and straightforward dashboard.

2. Manage Costs Effectively:
PPP Loan Forgiveness and Servicing Solution is perfect for managing the cost-efficiently. Yes, it delivers low costs compared to in-house processing that requires modification of existing technology architecture platforms that are tough and expensive to operate.

3. Loan Maintenance and Forgiveness Management:
Another most significant benefit of PPP loan forgiveness software is that it manages the complex forgiveness process. Streamline reimbursement requests, manage disputes, appeals, and, if required, loan repayment administration.

4. Insights and Analytics:
Lending executives get a single pane of glass view into the progress at various stages in the process. Teams can manage and balance their workload effectively and provide seamless handoffs from one section to another.

5. Stay secure and SBA-compliant:
Another most significant benefit is that it is best-in-class security and privacy standards. PPP lending software is compliant with SBA guidelines and is flexible enough to incorporate new changes and guidelines like the Paycheck protection program flexibility check.

6. Quick Implement:
Such software provides you the ease of quick implementation. You can easily intake and process the application in just two weeks.

Bottom line: Maximize your opportunities with a digital solution that empowers everyone. If you want to simplify your loan forgiveness long term process, then Cleareye.ai is right here around your corner. Increasing the speed of ROI and lowering the cost of AI. Our solutions provide much-needed help to banks struggling to keep up with the ever-changing needs of their customers.