In response to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Jack Henry has enhanced our lending capabilities with the specific functionality your institution needs to support the next round of Paycheck Protection Program (PPP) loans, as well as PPP loan Forgiveness.
Through the pandemic and the initial phases of PPP, we've learned a lot, and we're in an even stronger position to provide you with assistance through PPP 'Round 3' and into 2021.
If you want to fund your own PPP loans, we've expanded our offering to include a front end, borrower-facing platform to collect applications and documents, creating a full end-to-end PPP solution. If you used Jack Henry's solutions to fund PPP loans initially, it's easy to turn on the front-end portal for this round.
If you want to refer all PPP loans, we have a new relationship with a direct lender who also provides a single solution for a seamless, digital experience. Financing more than $1.3 billion in PPP loans to-date, our partner is an SBA lender and ready to help more businesses access stimulus funds. This is a great option for you if you plan on not funding new PPP loan requests your institution receives.
These solutions are backed by Jack Henry's commitment to service.
Check out the resources and webinars below for more information about continuing to serve businesses during the next round of PPP funding. You can also fill out the form and we'll be in touch.
The Treasury Department website was last updated in July 2020. As updates to the program are announced, we plan to include current links to keep you as informed as possible.
Jack Henry's expanded PPP lending offering delivers an automated, digital approach that allows financial institutions more quickly and efficiently manage large volumes. Additional option can help bankers who want to provide for their local communities but are not in a position to manage the loans themselves.READ ARTICLE
Even though the past nine weeks have seen unprecedented levels of effort from the SBA and participating lenders, the most important work is still ahead. Your forgiveness strategy will be critical to the outcome of your PPP lending efforts. It will impact both your employees and your borrowers in the months ahead. So take the time to consider these four keys and make the best decision for your organization.READ ARTICLE
Terry Renoux, group president of Jack Henry Lending, stated, "Banks and credit unions have acted as first responders, demonstrating their commitment to helping their communities navigate the financial implications of this health crisis. They have shown true grit and resolve in making sure that the needs of their small businesses are being met, and we are honored to equip them with modern technology to support this effort. The work is not over; while we are still waiting on the SBA to offer its final guidance on the forgiveness process, it is important that we provide our strategy and tools early, helping position banks and credit unions for a successful follow through and enabling businesses to get back on their feet more quickly."READ ARTICLE
Terry Renoux, group president of Jack Henry Lending, stated, "The pandemic has created widespread challenges for small businesses across the country, and we are blown away with how our banks and credit unions have responded, showing up in a major way for their communities during a time of extreme need. Leveraging our lending solution, financial institutions have been able to immediately accept digital applications, many from day one, expediting businesses' access to funds. As the next round of funding begins – with a notable amount dedicated specifically to community financial institutions – we remain committed to providing the modern tools and steady partnership necessary to help our clients and their customers weather the storm."READ ARTICLE