The PPP Forgiveness Problem
Banks and Credit Unions were not set up to forgive loans, much less forgive loans in the volume that PPP has created. Add to that challenge the fact that in-person meetings are not possible, the PPP Forgiveness Application is as complicated as a business tax return, and constantly updated “guidance” from the SBA. Finally, banks and credit unions are not accounting advisors to their small business customers, nor should they be. But these PPP lenders still have to figure out how to process all these PPP Forgiveness applications, and the window for doing so gets smaller every day.
The PPP Forgiveness Solution
We’ve created a solution for all PPP lenders that requires zero core integration. Our plug-and-play PPP forgiveness solution is divided into three phases:
The solution offers zero implementation costs, a low monthly fee, and a fee per successful transaction.
PPP Forgiveness: So Complex It’s Like a Tax Return
The PPP Forgiveness Application is much more complex than anyone expected it to be, especially compared to the “good faith” application that was required to get a PPP loan. We continue to hear that the Forgiveness application is at least as complicated as a business tax return. We shouldn’t be surprised by this complexity, given that PPP loans were created to be free money to the businesses who needed it the most. The difficulty comes in substantiating that “need” with documentation.
Most small businesses do not do their own tax returns. There’s a reason for that, and the same reason may apply to completing the PPP Forgiveness Application. To solve that issue, we offer our network of virtual accountants for those businesses that need assistance. Or, perhaps the business’ existing accountants don’t provide this type of guidance. Either way, we can match any small business with a virtual accountant to help them through the PPP forgiveness application process.
How the FINSYNC PPP Forgiveness Solution Works
First, the education phase offers free materials including a simplified PDF guide on exactly how to prepare for and complete the PPP Forgiveness Application and a calculator (Excel and Google Sheets) for small businesses to utilize in calculating how much of their loan can be forgiven. Then, as guidance arrives from the SBA, we update these materials and make sure our users get the right updates. We also inform each user that accountant assistance is available through our network of vetted professionals.
Next, after the eight week PPP use window has passed, the user will complete the intake form, which is a bank-branded workflow that directly follows the SBA PPP Forgiveness application. Once the user gets through the form section, we create an account and password for their portal. Once they’re in the portal, they complete the application including submitting their supporting documents and the lender’s team gets notified that there is a new application pending.
Finally, once the forgiveness application is submitted in the lender’s portal, that’s when the lender’s users can access the application, and start processing it to it’s next point, and then passing it on to the next phase for the next user to access it. Ultimately, the lender’s users carry those through to the point at which the application is ready for SBA submission. At that point, the lender either electronically or manually submits the PPP Forgiveness Application to the SBA.
No Core Integration
Very Affordable Pricing
Once your lender’s portal is deployed, you get visibility into the business and their PPP Forgiveness Application status throughout the process. The cost is $350 per lender user per month, with no long-term contract. You tell us how many users you want and that’s what we bill you, and you can cancel anytime you need to. We then charge just $25 per successful SBA e-submission. There is no implementation fee.
Schedule A Demo
Schedule a personalized demo here. We will be happy to answer specific questions and walk you through the various tools.