TOPIC: Paycheck Protection Program (PPP)

Reporting PPP Loans voluntarily terminated and repaid

VP at a bank ($75MUSA)
Our bank is new at this SBA reporting so I have a simple question...We had two customers pay off their loans and we want to report that to SBA.  Directions tell us to go to E-Tran Servicing and pull up the loan and click on "voluntarily terminated" button at the top of the page.  When we pull up the loan we see no "voluntarily terminated" button at the top of the page!  Then is says we can report these loans on the 1502 Report but does not give directions on how that is done?  I would appreciate any help I can get on this subject 

    SBA PPP - Agent Agreement

    AVP at a bank ($247MUSA)
    Hello Everyone, 

    Is there anyone out there that has drafted an agent agreement for the PPP loans? Clearly, there is very little formal guidance other than the max fees and who can act as an agent. We are looking to have something requiring the agent to attest to the accuracy of information provided in the forgiveness application, and lists the expected duties of the agent. If you have one would you mind sharing (or DM'ing me)? Thank you! 

      Loan Workouts | Product Demo

      Loan Workouts Product Demonstration - Thursday, May 21 | 3 p.m. ET
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      In our recent industry survey, over 70% of respondents mentioned COVID-19-related loan workouts were a concern. 

      Lenders in many markets will face a wave of negotiations and restructures as they seek to stabilize those borrowers who can recover from the events of early 2020, and protect the lenders’ interests in cases where no recovery is likely.  Join this conversation with product experts and implementation consultants at Abrigo to see how the tools you already have in place can make this process more efficient.  In this sixty minute webinar, we will discuss how the Abrigo software offerings address the following important considerations:
      • Establishing and applying consistent criteria for decision-making
      • Triage and prioritization for stabilizing troubled customers
      • Present-value modeling for terms of restructured agreements
      • Efficient communication for (likely understaffed) special assets teams
      • Integrated processes for secure, distributed decision-making
      Register here 

        PPP Loan Forgiveness | Webinar

        Free webinar
        Solving the PPP Forgiveness and Administration Enigma
        Friday, May 8 | 3 p.m. ET
        Register

        You've secured funds for small business borrowers through the Paycheck Protection Program (PPP), but the work is far from over once loans are issued. It’s time to consider the loan forgiveness process – one of the most important aspects of the program to both borrowers and lenders. It’s also one of the biggest areas of uncertainty.
        In this session hear what lenders have learned so far about the forgiveness process, based on the CARES Act, interim final rules published by the SBA, and other guidance published on the SBA and Treasury websites.

        Join to learn:
        • What the guidance says so far about the forgiveness of Paycheck Protection Program loans
        • How to streamline the SBA forgiveness process with the Sageworks SBA Lending solution
        Click here to register 

          BID ARTICLE: Inquiry & Insight – More Coronavirus Questions

          This month, for our monthly Inquiry & Insight article, we answer more important questions on the coronavirus, including remote customer support, anti-fraud preparation, and PPP assistance. Do you have a question for Steve Brown or one of our experts? Let us know. Submit a question below in the comments, or send your question to steve.brown@pcbb.com. Read Article: https://www.pcbb.com/bid/2020/05/04 

            BSA Compliance and PPP Lending - Managing Due Diligence with Abrigo | DEMO

            April 29, 20202 p.m. ET / 3 p.m. CT
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            While SBA & PPP lending has increased loans, lenders are still responsible for maintaining BSA/AML compliance. In this session, Abrigo's BSA/AML experts will break down FinCEN's statement related to SBA & PPP lending and explain how to maintain compliance with these loans. Since BSA regulations have not changed in light of COVID-19, it is essential for lenders to correctly capture and document the correct Know Your Customer and Customer Due Diligence. Join this session to see how software can help maintain compliance and ensure your SBA & PPP lending go smoothly. 

            Join to see:
            • How to organize compliance info quickly and easily
            • How automation saves you time and increases efficiency
            • Intuitive and effective software in action
            Register today

              Bulk Upload PPP Loans to E-Tran | Product Update

              As you prepare for the second round of PPP funding, you probably have a backlog of applications ready to be submitted. We just announced an update to our SBA lending product that allows you to bulk upload up to 1,000 applications to E-Tran with the click of a button! If there are errors on any of the applications in the bulk upload, the ones without errors will be submitted and you will get a notice telling you exactly what you need to fix on the others. Help get money from this second round of funding into the hands of your customers and members quicker!

              You can read the full product update here.

              If you're interested in more information on our SBA lending product (we can get you up and running in 48 hours or less!), fill out this form, or email me directly at jill.cacic@abrigo.com.