Is your Financial Institution Ready for SBA PPP Loan Forgiveness?

Newgen’s SBA PPP loan origination software has enabled several leading banks to process loans quickly and efficiently. The software is now enhanced to help financial institutions automate the end-to-end loan forgiveness process – from the digital application, necessary document collection, backoffice verification, and update to SBA (1502).

Newgen’s cloud-based loan forgiveness software can be quickly deployed and configured for every financial institution — whether you processed your SBA PPP loan applications manually or digitally, with or without Newgen’s software.

Join this webinar to understand below key features of the software:

• End-to-end automation—omnichannel application to document collection, back office verification, and update to SBA
• Borrower self-service portal for submission, document upload, and real-time status tracking
• Alignment to SBA form 3508 and automated validations for loan forgiveness requests
• Built-in forgiveness calculations based on payroll and other eligible expenses, assisting both borrowers on the portal as well as financial institutions
• Support for document upload and e-sign
• Queue-based workflow for specialized handling of different type of forgiveness requests (above $2M, advance purchase, etc.)
• Exception handling and communication with borrowers
• Approval processing with audit trails
• Automated generation and submission of 1502 reports
• Real-time reporting on requests, exceptions, and approvals