Wolters Kluwer Adds New Loan Application Importer Functionality to its Paycheck Protection Program Solution
Summary
This functionality makes it possible for lenders to process the backlog of hundreds or thousands of PPP loan applications they may have received, and provide urgently needed payroll funding to small businesses in communities during the COVID-19 crisis. Timely and accurate processing is critical, due to the 10-day funding requirement lenders must meet for disbursement of PPP loans approved by the Small Business Administration (SBA), as set out by the CARES (Coronavirus Aid, Relief and Economic Security) Act. “Given the challenges that COVID-19 is presenting to employers across the country, we recognized that many lenders of all sizes are facing application interest that far exceeds their existing loan processing capacity, limiting their small business customers’ access to the CARES Act emergency funds to keep employees on the payroll,” said Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “We are thrilled that just over a week after launching the PPP loan functionality in TSoftPlus, hundreds of banks and credit unions are relying on our technology and compliance experts to get small businesses the funding they need during this unprecedented crisis. Paycheck Protection Program Supported by TSoftPlus is one of several solutions launched by Wolters Kluwer’s GRC division in response to the COVID-19 crisis, including the COVID-19 Noteworthy Developments Bulletins, which aggregates COVID-19 related global regulatory changes, orders, notices and other informational updates for the financial services industry.