Abrigo's Paycheck Protection Program (PPP) Forgiveness and Administration solution, part of the Sageworks SBA Lending solution, was designed to help bank streamline the loan forgiveness and administration process. The PPP forgiveness process is expected to be a time-intensive process for banks as they work with borrowers to collect documentation and submit information to the SBA.
"As our members work with their small business customers on PPP loan forgiveness, we are pleased to endorse Abrigo's automated PPP loan forgiveness solution," said Bo Brannen, Director of GBA Member Services. "This valuable tool will provide banks with software to digitize the collection and submission of required forgiveness documentation, so they can spend more time serving their borrowers. The discounted pricing GBA was able to secure for member banks who choose Abrigo's solution makes this partnership even more valuable."
Abrigo's solution will:
- Provide banks with a dashboard and reporting system for existing PPP loans
- Provide borrowers with a secure portal to upload Use of Proceeds documentation
- Give banks the ability to calculate the forgiveness amount based on the provided PPP guidelines to ensure compliance and accuracy
- Generate Form 1502 within the platform to request loan processing fees from SBA
- Allow banks who filed with other vendors or directly through the E-Tran portal to easily import data from their core to streamline the forgiveness process.
- Assist with any ongoing monthly servicing and more.
The Abrigo team recently conducted a webinar demonstration, and you can access a recording of that session by contacting Abrigo’s Laura Wahl, email@example.com, 919.906.5649. You may also download a pdf overview of Abrigo's solution here.