The Paycheck Protection Program enabled middle market businesses to obtain loans through financial institutions and the Small Business Administration that will be forgiven if the borrower meets defined requirements. Now that lenders have processed these loans, a solution is needed to manage the forgiveness requests from borrowers.
RSM has developed a turnkey digital process automation solution designed by former lenders and credit risk officers to assist financial institutions with managing this pending wave of borrower forgiveness requests. Benefits of this solution include:
Secure borrower and hassle-free access
RSM’s PPP forgiveness solution leverages Appian’s highly secure cloud, which has certifications for the highest security standards, including HIPAA, FEDRAMP, FISMA, and several others. This enables the solution to be implemented quickly with minimal lender technology support.
Efficient data collection for analysis
The solution follows the SBA guidance for submission for forgiveness and follows both the 3508 and 3508EZ application forms. The solution supports the uploading of documents of almost any file format and it will directly associates the document with the corresponding forgiveness topic area and 3508 line items (i.e., mortgage statements, payroll, utilities).
Structured and facilitated process
The forgiveness request process is outlined for the borrowers so they understand what information they need to provide to complete the request. This structured process captures the borrower input as well as the lender analyst’s review of the request, which provides a clear audit trail for the future.
Ongoing support before and after implementation
Our approach and implementation team are structured to offer not only implementation support but also the operations and processes critical to the success of the technology. The team brings advisory skills built off countless successful integrations for financial institutions.