In these economically unsure times, banks already have a lot on their plates with personal and mortgage services, and now processing the PPP loan forgiveness forms granted by the SBA. Banks using the Baker Hill NextGen Forgiveness solution that involves document automation software are doing a commendable job in helping small businesses get quick access and subsequent forgiveness to qualifying loan borrowers.
Banks must process hundreds of thousands of applications on a daily basis. In fact, you need to stay abreast with the latest PPP loan forgiveness update. As an SBA approved bank, you play a crucial role in ensuring the businesses have access to these forgiveness loans.
As a lender, you need to ensure the borrowers’ costs (payroll and other specified non-payroll expenses like mortgage, rent, and utility obligations) are indeed eligible and meet PPP loan forgiveness requirements once they approach you after the covered 24-weeks period since the loan commenced (168 days) and whether 60% of the eligible loan forgiveness amount went for the cause of payroll costs.
PPP loan forgiveness rules SBA and guidelines keep changing. Needless to say, there are a lot of if’s and but’s involved in approving these forms besides repetitive creation.
Manually creating and processing forms can lead to a lot of errors requiring redoing the paperwork and slowing down the system. As a reputable bank, you don’t need to make a costly technological investment to get things right.
You can take advantage of affordable and advanced document automation software that can help create hundreds of customized PPP forms among others in just a few clicks.
Document automation software like Windward helps you create personalized and easy-to-process PPP forms as well as their supporting documents.
You can quickly create a template in your favorite applications like MS Word or Excel and connect it to relevant datasources to start populating it with data. For instance, you can take advantage of the ‘tags’ (‘if’, ‘else’, ‘query,’ among others) feature available in the software to customize the template.
The best part is you don’t need to be a programmer to generate these forms and documents as there’s no coding involved.
As you’re probably already aware, every borrower is different. There are so many supporting forms and documents involved in the PPP loan forgiveness process, and you just can’t afford to get this wrong. Get rid of manual, error-prone document generation procedures and rely on document automation software to speed up the PPP loan forgiveness approval process for qualifying borrowers. Right now, no one can afford to wait.
Not sure which document automation solution is right for you? Check out our free guide to evaluating document automation software.
You can learn more about how Windward works here.