Last week, we released an update to our online plug-and-play solution for community banks and credit unions to accept and process SBA PPP loan applications. We’re giving away this solution to banks and credit unions to help them process loan applications more quickly and get much needed funds in the hands of their small business customers faster during the COVID-19 crisis. 

Shortly after the release of our new solution, we announced that one of the first banks to implement was Heritage Bank. The President of Heritage Bank, Leonard Moreland, was one of the first people to learn about Tucker Mathis’ vision for FINSYNC following the 2008 financial crisis. Heritage Bank is now well-positioned for “Round 2” of the PPP program. It’s expected to be approved by Congress in the coming days.

What We Learned from PPP Round 1

As PPP “Round 2” approaches, we’ve had a few days to assess how $349 billion was loaned to over a million and a half small businesses by nearly 5,000 lenders in just 14 days. We believe the businesses that received funding had their application in the queue the day the PPP loan program was approved or shortly thereafter. What ensued was nothing less than a sprint to see how fast lenders could enter or upload applications into SBA’s ETran system to generate an official loan number and SBA approval.

The banks with the best technology and processes in place were the ones who funded the most loans and helped the most people. The only exception was certain banks whose teams put forth herculean effort, working extraordinary hours manually processing applications to keep up with those who had better technology.   

Similar to “round 1”, we believe lenders in aggregate are already holding applications that will more than exhaust the $250 billion of additional funding pending approval by congress. So, when PPP Round 2 is approved and available for loans, it’s imperative that we help smaller banks process these loans quicker. In an effort to ensure the new funding is more broadly distributed across businesses of all sizes throughout America. 

How We Can Make PPP Round 2 Better

Back in 2009, when Tucker Mathis and Leonard Moreland envisioned the future of business banking, they did not see the COVID-10 pandemic coming, but they did know that it’s never been a more important time for businesses and banks to use the same technology to get in sync with one another.

We are giving our PPP loan solution to banks and credit unions. During this pandemic and resulting economic storm, we are intentionally choosing to measure our success by the number of businesses we can help get funding faster, and the number of new banks and credit unions we can empower with a new, high-level style of relationship banking, which our platform was purposefully built to support.

Free Tools for Lenders and Their Customers

Any lender can be up and running in minutes with our online SBA loan application. Banks can sign up here, or request further information. Small businesses can learn everything they need to know about PPP, calculate their exact average monthly payroll cost, and apply online.

Also, while we’re going to see hundreds of billions of dollars put into the bank accounts of small businesses all over the country businesses and lenders have to track the expenditure of these loans so that the maximum amount of each loan can be forgiven. Our Lender’s Portal not only handles the complete SBA PPP Loan application, but we’ve also built in forgiveness tracking for both the lender and the business.

Round 2 Is Coming

Round 2 of the Payroll Protection Program is coming. Businesses are eagerly waiting. Your bank or credit union can be ready today.