Get ready now for PPP loan forgiveness

 

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

 

 

 

Building a best practice approach

 

We believe a three-phase approach to establish and manage PPP loan forgiveness programs will help banks align their operating model with their objectives, and optimize use of existing capacity, technology and third-party technology and process services.

 

  • Mobilize to establish an efficient program model
  • Execute to prepare, review and triage forgiveness applications
  • Transition forgiveness and loan management activities to the bank from third parties

 

 

Watch our SBA PPP Loans—Maximizing your loan forgiveness webcast to learn more or reach out to the contacts below for information on Grant Thornton’s forgiveness services.

 

 

Contacts:

 
 
 

More banking insights