A best practice approach
Banks and SBA-approved lenders need to pivot quickly from PPP loan origination to loan forgiveness. With the application window likely opening around June 15, and with lenders having only 60 days to confirm forgiveness once an application is received, it’s critical to streamline your workflow and scale up to meet compliance requirements while maintaining customer relationships. See our infographic
A massive and unique challenge
PPP forgiveness is different from lenders’ loan origination cycle. It presents unique challenges, including:
- Customer management—The bank will need a dedicated channel and support team to manage engagement in a way that not only triages forgiveness applications, but helps build lasting relationships with customers.
- High volume—Managing these volumes will require a dedicated team of trained reviewers with expertise on PPP and the forgiveness process, as well as a dedicated model for streamlining application verification and creating a clear audit trail.
- Processing and Compliance—Lenders need a robust channel for data capture, trained PPP forgiveness experts, and a documented audit trail for regulators