Banks have a vested interest in helping their borrowers complete the Payment Protection Program (“PPP”) forgiveness application. We, at LQD Business Finance, have not spoken to a single banker that wants to keep a loan on their books at 1% for 2-5 years.
The problem is, unlike the loan application which was fairly straightforward, this forgiveness application is an intimidating document with complex calculations, voluminous documentation request, and ambiguous at best terminology that will take significant time and resources to process for each borrower.
Some banks are sending manual spreadsheets to borrowers and planning to have their relationship managers (“RMs”) help the borrowers through the process. This will cause the banks to lose thousands of hours of their RMs time processing forgiveness loans instead which will translate to millions of dollars in internal costs.
There are some service providers out there providing “calculators” which often rely on the borrower to do all the heavy lifting and are really nothing more than a web form that puts the numbers on the SBA form. Additionally, most of these providers are technology companies and not lenders unlike LQD Business Finance, a tech-enabled commercial lender, who is. They do not appreciate the intricacies of small businesses and their financials the way LQD Business Finance and the banks do.
To address all this complexity, LQD Business Finance has created the LQD PPP Forgiveness Platform that utilizes data integration and automation to deliver increased efficiency and accuracy at a very affordable price. We will white label a portal with your bank name and with our end-to-end solution that uses data integration and automation with your borrower’s to:
1. Collect required data and documentation
2. Perform all the required payroll, FTE, and expense calculations
3. Perform an audit risk assessment with secondary QC verification
4. Generate a completed application for the borrower
5. Provide a cloud-based backup folder containing all required data and verification documents
LQD Business Finance is offering a free and premium option of the LQD PPP Forgiveness Platform With the free option, PPP Lenders can track their entire portfolio in a dynamic web-based dashboard. For each loan, lenders are able to see the completed components of the application and the submission date of each application. Lenders can also search and filter on any of the fields in the dashboard. The premium service adds advanced analytics, allows lenders to batch download documents, and includes our audit protection program for all borrowers.
Finally, included in our premium offering is audit protection meaning if your borrower is audited by the SBA one of our licensed CPAs will defend the audit on your borrower’s behalf at no additional cost.
LQD Business Finance is not just a software or technology company. As a leading fintech lender, LQD Business Finance has five years’ experience dealing with small business borrowers and solving for the numerous reporting and documentation challenges surrounding small business lending. With the LQD PPP Forgiveness Platform, you can add value to your borrower’s, save bank time and resources, and rest assured these loans will be forgiven to the fullest extent possible and defended under audit.
LQD Business Finance is offering live demos of the PPP Forgiveness Platform.
Author: John Stanfield