Compliance Tool Assists PPP

By Staff Writer April 28, 2020

Wolters Kluwer Compliance Solutions has announced that its Paycheck Protection Program (PPP) supported by TSoftPlus solution – designed to help banks, credit unions, and other local lenders support small businesses with payroll funding during the COVID-19 crisis – has recommenced processing PPP loan applications under the replenished program funding, signed by President Trump on April 24.

Wolters Kluwer data shows that during the first round of funding, the company helped small businesses retain 500,000 jobs by enabling local lenders to support those communities in all 50 states. Notably, 80 percent of the loans it processed were for small businesses with 20 or fewer employees.

New users are able to access the solution with no upfront costs and can be processing loans within hours after signing up to meet the urgent needs of small businesses in their local communities. In fact, applications that were entered and queued in TSoftPlus after the program’s initial funding ran out can be easily submitted by the solution as soon as the SBA starts to accept applications again.

North Star Community Credit Union, of Maddock, N.D., processed nearly 70 PPP loans using TSoftPlus software for the first round of funding.

“The Wolters Kluwer TSoftPlus solution allowed us to continue our very deliberate, strategic and proactive approach to help regional small businesses tap the CARES Act funds. We had already teed up several dozen more PPP loans applications in the systems in anticipation of a second round of funding that has now become available,” said Bob Herrington, CEO for North Star Community Credit Union.

Rate this item
(0 votes)
Last modified on Wednesday, 29 April 2020 15:30