Empowering financial institutions to manage PPP forgiveness, part 2
RSM offers technology and practical insights
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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. A second round of funding for PPP, approved in late December, 2020, will open for new applications on Jan. 11, 2021. After working through the first round of loans, many lenders have learned the process and now are looking for continuous improvements in processing and managing loans. Whether or not you hired a vendor to assist with processing the loans or purchased a technology software as part of the first round of PPP, now is the time to reevaluate how you will process loans and forgiveness.
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 and hassle-free borrower access
RSM’s PPP forgiveness solution leverages Appian’s cloud-based platform, 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 associate the document with the corresponding forgiveness topic area and Form 3508 line items (such as mortgage statements, payroll and 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 is 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.
A case study: How RSM helped a $6B bank process forgiveness on 4000-plus loans
A bank with total assets in excess of $6 billion faced a daunting task: It needed a third-party solution to manage the process of forgiveness for approximately 4,000-plus loans totaling more than $1 billion issued through the first round of PPP funds. Read a case study that walks you through, step by step, how RSM helped the client.
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Coronavirus: Paycheck Protection Program forgiveness digital automation solutions designed for financial institutions.