With the Small Business Administration’s (SBA) Loan Forgiveness Portal now live, Wolters Kluwer Compliance Solutions has started to submit completed borrower loan forgiveness application data directly to the SBA via its TSoftPlus™ PPP Forgiveness Module. The Module was launched in June to help U.S. lenders guide small business client recipients of Paycheck Protection Program (PPP) funding in processing online and in-person loan forgiveness applications. The SBA’s Loan Forgiveness Portal went live Monday, August 10.

It is expected that Wolters Kluwer’s TSoftPlus technology will help speed thousands of PPP loan forgiveness applications through the SBA’s designated loan forgiveness portal.

The TSoftPlus PPP Forgiveness Module is a comprehensive solution that expedites the application process for the forgiveness of loans to small businesses that received PPP emergency funding, providing automated technology benefits to local lenders and PPP borrowers.

Complying with loan forgiveness requirements under PPP can be complicated. David Brandt, Chief Financial Officer for ELGA Credit Union in Burton, Mich., noted that Wolters Kluwer’s TSoftPlus technology made a significant difference in processing its members’ PPP loan applications and offers critical support for the loan forgiveness stage.

“We selected Wolters Kluwer’s technology after vetting a handful of vendors,” recalled Brandt. “The efficiency of the TSoftPlus functionality, together with solid customer service support, helped us deliver nearly 300 PPP loans to Main Street borrowers ranging from local restaurants and small manufacturers to real estate firms, hair salons and a number of sole proprietors. I’m very appreciative of having this technology available and know that we’ve made a difference for a lot of businesses and their employees.”

Wolters Kluwer Consulting Services experts are offering Forgiveness Module users online training sessions to provide more clarification on loan forgiveness requirements for a successful application and to address some of the most common questions raised by lenders.

Wolters Kluwer Compliance Solutions provides risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business. 

Wolters Kluwer’s TSoftPlus™ PPP Forgiveness Module is one of several expert solutions launched by the company’s GRC division in response to the COVID-19 crisis, including iLien for Main Street, a technology solution to help U.S. lenders optimize their due diligence and lien management efforts when securing loans for small and medium-sized businesses under the Main Street Lending Program. COVID-19 Noteworthy Developments Bulletins, meanwhile, aggregates COVID-19 related global regulatory changes, orders, notices and other informational updates for the financial services industry.