It’s crunch time!
At writing, we’re just four days away from the start of Paycheck Protection Program Forgiveness on August 10, and banks and credit unions are feverishly at work ensuring their systems and processes are ready to handle their borrowers’ needs.
With that in mind, we’re excited to talk about two important features we’re adding to our platform that will help make PPP Forgiveness easy for our lenders and their borrowers.
Borrower Invite Email Campaign Automation
Our banks and credit unions extended PPP loans to a wide range of businesses, and as such, not every borrower will be alike. While some are hyper focused on every development to PPP Forgiveness, others will need some hand holding to get the process started.
In order to better support our lenders’ need to invite borrowers into the Forgiveness process, we are bringing Numerated’s email marketing automation capabilities to the PPP forgiveness solution.
The addition of this new feature will allow lenders to launch email campaigns to all PPP borrowers at once, inviting them to apply for forgiveness. The emails will have a standard template, using lenders’ logos, institution name, unique authentication page URLs, and social media information.
Validating Data via API before SBA Submission
If you’ve joined one of our recent Weekly Q&A Sessions or Platform Demos then you’ve probably already heard us discuss the SBA’s new Forgiveness API.
Unlike the SBA’s E-Tran API that was used for PPP originations and is used for SBA 7(a) Express loans, the new SBA API for Forgiveness will validate significantly more data. Because of this, a large number of SBA Forgiveness API errors could result from data that is out of sync between lenders and the SBA.
To address this problem, we’ve been actively discussing an API-driven solution and we’re excited to announce that it will be available to lenders at the start of PPP Forgiveness this coming Monday.
With the release of the SBA Forgiveness API, we will be able to perform daily verification checks on all loans imported on the Numerated platform and will produce a report that lenders can use to identify issues between their data and the SBA’s.
Get Your Questions Answered on PPP Forgiveness
These new enhancements to the Numerated Platform are just a small piece of our larger effort to ensure every bank and credit union has a successful launch.
In addition to what we’re doing on the back-end of the platform, our insights team has been hard at work to make sure lenders have all the information they need to be successful on August 10 and beyond.
Given the uniqueness of a launch like this, we’ll be suspending our Weekly Q&A Session on Tuesday 8/11 and our Platform Demonstration on Friday 8/14. Replacing next week’s insights sessions will be Daily PPP Forgiveness Q&As.
These 30-minute sessions will be held at 3-3:30pm ET, Mon-Friday for the week of 8/10.