Most of the industry is reporting the number of applications processed on their platform. However, looking at the number of forgiveness calculations accepted is a true evaluation of the impact you had for your borrowers. It empowers you to make an informed decision as we enter round two of Paycheck Protection Program (PPP).
With the latest SBA guidance, applications are now open for Paycheck Protection Program (PPP) Round Two. Boss Insights application form is live for lenders who are seeking to support business borrowers.
With the latest forgiveness guidance, borrowers have cumbersome documentation to provide in triplicate. Boss Insights’ platform stands apart by automating this process and verifying the information to avoid any errors or misreporting. Boss CARES PPP is automated, enables a manual ‘what-if’ scenario for borrowers and allows borrower attestations.
The How-To Guide For Paycheck Protection Program (PPP) Round 2
End-to-End Platform For Paycheck Protection Program
The CARES ACT led to $659 Billion dollars being approved though the SBA. Boss Insights platform offers lenders a streamlined process. With access to automatic filing of borrowers’ accounting and payroll information, the forgiveness calculation is automated and lenders have documentation to reduce ongoing exposure risk. Paycheck Protection Program (PPP) rules and guidance are changing over time. Boss CARES PPP is a white label Paycheck Protection Program (PPP) loan forgiveness platform for lenders which has automated recalculation functionality that references source data to meet any changing regulatory requirements without additional manual effort. A key point of difference of our platform is the ability work with the greatest variety of accounting and payroll providers. This leads to greater digitized functionality post PPP with SBA, SMB and Commercial loans.
SBA is launching a second round of PPP in January 2021. Here are some fast facts:
Boss Insights PPP Platform has the most automation available which gathers key documents and information from borrowers and automated calculation. The more automation a platform has, the less work for your loan officers and borrowers. SBA made many changes in the last PPP round and already adjusted the application to include calculations. To achieve borrower delight, choose a platform that adapts and had a high SBA acceptance rate.