Wolters Kluwer Compliance Solutions is continuing to prove its industry leadership, through its ongoing customer educational series designed to help the market navigate the complexities of the U.S. Paycheck Protection Program. The company is today holding a webinar dedicated to discussing the upcoming Loan Forgiveness stage of the U.S. Paycheck Protection Program (PPP). The event, which takes place today at 2 p.m. EDT, is organized by the Compliance Solutions Marketing Team and will include presentations from Wolters Kluwer experts who will provide an overview of the PPP loan forgiveness process.
Yesterday Wolters Kluwer announced that it is ready to help local lenders and their small business client recipients of PPP funding facilitate online loan forgiveness applications through its TSoftPlus™ PPP Forgiveness Module. The 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, according to the company. The offering will be made available to local lenders and PPP borrowers following finalization of requirements from the Small Business Administration (SBA) and U.S. Treasury.
Forgiveness of all or a portion of a PPP loan is an attractive feature that many borrowers may request. But computing the amount that can be forgiven and the required steps and documentation is complex. Lenders need to understand these rules to prepare for likely large volumes of borrower requests for PPP loan forgiveness.
Topics for discussion in today’s webinar include the steps a borrower should take to apply for PPP loan forgiveness, as well as details about what documentation borrowers must submit to support an application for forgiveness. Wolters Kluwer’s experts will also examine how, and through what system, the SBA will process forgiveness applications from lenders.
Wolters Kluwer speakers set to share their expertise during the event include Samir Agarwal (Vice President & Segment Leader), Michael Fuchs (Director of Commercial Lending) and Pat Ditlevson (Principal Consultant). A recording of today’s informational webinar will be available approximately 48 hours after the event on the TSoftPlus website.
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.