The PPP is an enormous opportunity for creditors to help their communities in a time of crisis while adapting their business practices to the new reality.
TurnKey Lender is part of a global effort to mitigate the economic impacts of the Covid-19 crisis.
Covid-19 is changing the way business is done everywhere. Lenders who were once on the fence about digitalization are now compelled to go completely contactless.
Federal Government-Backed Relief for US Small Businesses
As a nimble pioneer of the lending-technology industry, TurnKey Lender has long provided creditors with an intelligent end-to-end solution that automates every step of the lending process. Now it plays a similar role for lenders operating under the Paycheck Protection Program (PPP), part of the $2 trillion stimulus package signed into US law on March 27, 2020.
The PPP, which is run by the US Small Business Administration, offers companies and nonprofits with up to 500 workers low-interest loans to cover up to two months of payroll and other employment-related expenses.
PPP Loans Are Forgivable But Lenders Are Guaranteed Repayment in Full
Part of the new Coronavirus Aid, Relief, and Economic Security (CARES) Act, the $350 billion PPP is meant to provide US small businesses with eight weeks of cash-flow assistance through 100% federally guaranteed loans.
Many PPP loans will be forgiven provided the borrower retains its workers and doesn’t cut their wages, with the US government stepping in to repay lenders for forgiven portions of the loans.
The interest rate on PPP loans is 1%.
TurnKey Lender Is Ready Right Now to Support PPP Lenders
TurnKey Lender’s lending-management system is preconfigured to meet the needs of lenders who qualify to issue loans under this program. The system can be up and running for SBA-approved lenders in 24 hours. Meanwhile, its AI-driven credit decisioning engine helps pre-qualify applicants within 2 minutes.
Easy but secure access to affordable credit is more important now than ever before.
TurnKey Lender’s Technology and Service Suite Covers All Aspects of Lending
TurnKey Lender’s Unified Lending Management solution includes application processing, risk assessment, decisioning, loan origination, underwriting, collateral, servicing, collection, reporting, archiving, compliance, and more.
The system comes with decision-making rules that are tailored to the terms and conditions of the PPP. Further, you can use it to put your loan-management operations on autopilot with:
- Streamlined loan origination
- Intelligent AI-powered decision-making
- Simplified loan management
- Automated loan collection and payment alerts
Purpose-Built PPP Software Provides Comprehensive Loan Tracking for Compliance and Recovery
TurnKey Lender’s PPP software allows for:
- Immediate launch of the online PPP application form.
- End-to-end intelligent automation of every step of the lending process tailored to the needs of the PPP lenders.
- Built-in regulatory updates. Your lending program always complies with new rules as they’re published.
- Easy deployment from our secure, cloud-based platform. Your team gets up-to-speed quickly with intuitive process flows, user-friendly training modules, and 24/7 support.
TurnKey Lender is ready to furnish creditors with intelligent bank-grade automation that is easy to use and deploys within one business day.
TurnKey Lender Helps Creditors Keep Communities Safe in This Crisis
The PPP is an enormous opportunity for creditors to help their communities in a time of crisis while adapting their business practices to the new reality.
To check your eligibility for this program, either as a lender or as a borrower for this program, visit the SBA website.
If you have any automation needs that require secure, contactless, paycheck protection loans, email a Turnkey Lender team member, or request a demo of TurnKey Lender’s PPP solution.
