Wolters Kluwer Compliance Solutions is holding a webinar dedicated to discussing the upcoming Loan Forgiveness stage of the U.S. Paycheck Protection Program (PPP). The event, which takes place today at 2 p.m. EDT, will include presentations from Wolters Kluwer experts who will provide an overview of the PPP loan forgiveness process.
Yesterday, Wolters Kluwer announced that it is ready to help local lenders and their small business client recipients of PPP funding facilitate online loan forgiveness applications through its TSoftPlus™ PPP Forgiveness Module. The comprehensive end-to-end solution will facilitate and automate the application process for the forgiveness of loans to small businesses that received PPP emergency funding under the U.S. CARES Act, according to the company. The offering will be made available to local lenders and PPP borrowers following finalization of requirements from the Small Business Administration (SBA) and U.S. Treasury.
Forgiveness of all or a portion of a PPP loan is an attractive feature that many borrowers may request. But computing the amount that can be forgiven and the required steps and documentation is complex. Lenders need to understand these rules to prepare for likely large volumes of borrower requests for PPP loan forgiveness.
Topics for discussion in today’s webinar include the steps a borrower should take to apply for PPP loan forgiveness, as well as details about what documentation borrowers must submit to support an application for forgiveness. Wolters Kluwer’s experts will also examine how, and through what system, the SBA will process forgiveness applications from lenders.
The TSoftPlus PPP Forgiveness Module will allow lenders and borrowers to benefit from improved accuracy and document management. It combines the functionality of Wolters Kluwer’s Online Loan Applications product, which enables compliant, convenient distance banking for borrowers, with its Paycheck Protection Program Supported by TSoftPlus™ solution. This widely used solution was launched in early April to assist lenders in their support of small businesses nationwide with payroll funding, providing relief from the onslaught of the COVID-19 crisis.
A recording of today’s informational webinar will be available approximately 48 hours after the event; visit the TSoftPlus website for details.
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
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