Following the launch of the Small Business Administration’s Loan Forgiveness Portal on Monday, Wolters Kluwer announced it is now submitting completed borrower loan forgiveness application data directly to the SBA via its TSoftPlus Paycheck Protection Program Forgiveness Module.
Wolters Kluwer originally launched their portal in June, intending to help lenders guide small business client recipients of PPP funding in the process of online and in-person loan forgiveness.
Now, the module allows borrowers to access SBA forgiveness applications and required documentation for TSoftPlus users. After completing the application, the lender will review the documents and submit those for the SBA to review, respond and remit the forgiveness amount to the lender if approved.
Wolters Kluwer Consulting Services is also offering Forgiveness Module users online training sessions to provide more clarification on loan forgiveness requirements for a successful application and to address some of the most common questions raised by lenders.
In a press release from Wolters Kluwer, David Brandt, chief financial officer for ELGA Credit Union, said that the Wolters Kluwer software had assisted his credit union with nearly 300 PPP loans for its Main Street borrowers, including local restaurants, small manufacturers and real estate firms.
According to recent data from the SBA and U.S Department of Treasury, 5.2 million PPP loans have been made since the launch of the program, with an average loan size of $100,000. Complying with loan forgiveness requirements under PPP can be complicated — the SBA and U.S. Department of Treasury published a FAQ response document with over 50 questions on Tuesday – the day after the portal was launched.
As for the housing industry, at the end of June the construction sector took the lion’s share and gained $64.6 billion of PPP loans, while real estate companies grabbed $15.6 billion and financial companies got $12.2 billion.