Paycheck Protection Program under CARES Act is a $349 billion loan program intended to provide economic relief to small businesses across the United States that have been adversely impacted by COVID-19.
The need of the hour is a loan origination software that can help the financial institutions in handling the spike in loan applications and promptly helping small businesses with their loan requirements while adhering to the complex requirements of the SBA Paycheck Protection Program.
Newgen SBA Lending Software for PPP provides borrowers the ability to fill their applications online, performing eligibility checks. Software also integrated with the SBA’s E-Tran system and handles closing document preparation, e-Signature including disbursement.
Future enhancements to the software will also allow financial institutions to calculate loan forgiveness amount and process loan forgiveness requests, from necessary document collection to verification, and update to E-Tran.
Join this webinar to understand below key features of the software:
- Deployment within hours
- Application intake from online portal and PDF forms
- Automated eligibility checks
- 2483 and lender application form PDF generation with digital signature compatibility
- Batch import for manually processed loan applications
- API-based integration with E-Tran
- E-Sign for borrowers
- Loan forgiveness calculation and processing per SBA PPP rules
- Queue-based workflow with tracking, exception handling, and 360-degree dashboard reports
- Cloud-based deployment