Banks and credit unions are scrambling to determine how to become eligible to originate Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This blog walks you through the details recently released by the Small Business Administration (SBA) and Treasury Department and how to become an SBA Lender for the CARES Act. 

For more information on the CARES Act and the PPP, visit our SBA Lending resource page. 

Our mission at Abrigo is to give community financial institutions the tools they need to help small businesses and communities succeed. Over the last year, SBA 7(a) lenders have been managing loan origination via Abrigo's digital SBA Lending solution with E-Tran integration. Our team is prepared to make the necessary adjustments so our customers can start helping small businesses soon after the SBA releases its formal guidance. Whether you are looking for guidance on your technology, or simply need resources as you navigate the CARES Act for your community, we are here to for you.

Visit our SBA Lending, CARES Act, and Payment Protection Program Resource page. 

With the passing of the CARES Act, there are so many buzzwords bouncing around -- but what do they actually mean? To help financial institutions and borrowers sort out the language associated with the many SBA loan programs available, here are some of the buzzwords, names, and brief explanations of various SBA programs tied to coronavirus relief and the CARES Act. You can access the blog on our website here.

For more resources, guidance, and support related to the coronavirus pandemic, visit our resource page. 

The bipartisan stimulus package that was approved by the Senate this week provides banks and credit unions with an opportunity to participate in a huge expansion of Small Business Administration (SBA) lending programs. This blog breaks down what that could mean for your institution and calls out the specific 7(a) requirements that are lifted in this program.

This is also posted on our new coronavirus resource page which features free content and resources dedicated to supporting you and your institution throughout these uncertain times.

Access the blog online here. 

Now, more than ever, your account holders need access to cash at an affordable interest rate. Learn more about our compliant and responsible, small-dollar, short-term loan program and reach out to us to take advantage of our special offer which will allow you to serve consumers who need liquidity during this time of financial unrest. 

www.myvelocity.com/cashplease