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 Paycheck Protection Program (PPP) loans, as well as PPP loan forgiveness.
With Jack Henry Lending, you can digitally capture both the application and supporting documents for PPP loan requests, based on SBA guidelines and CARES Act provisions. In addition, our new PPP loan forgiveness offering will minimize data entry and create specific workflows to automate a majority of the process for borrowers and lenders. Register for our webinars below to get more information.
These solutions are ready to deploy and backed by Jack Henry's commitment to service.
The Treasury Department website was updated to include a revised lender application form as well as final guidance on PPP. This updated information can be found here.
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 ARTICLETerry 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 ARTICLETerry 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 ARTICLETerry Renoux, group president of Jack Henry Lending, stated, "This global pandemic has created unprecedented challenges for businesses across the country, and banks and credit unions are in a unique position to help these organizations in their time of extreme need. Our lending solution enables financial institutions to accept digital applications immediately and automatically render conditional decisions while efficiently managing the significant increase in loan requests…"
READ ARTICLEAs banks scramble to stand up digital interfaces and participate in the SBA Paycheck Protection Program (PPP) that launched today, fintech providers are rolling out different technology platforms to help lenders process the flood of small business loan applications.
READ ARTICLE *must have Bank Innovation subscriptionThe coronavirus pandemic has closed the doors of small businesses, driving up unemployment and stress levels across America. Part of the federal government’s plan to help small businesses stay afloat is the $350 billion PPP loan program, but there have been some snags in getting the money into the hands of those who need it. In this episode, Mark Messick, director of products at Jack Henry Lending, says some of those issues are being worked out, while others will be tougher to fix.
LISTEN TO PODCASTSeveral fintech providers began offering products geared toward enabling credit unions, and other financial institutions, to help businesses seeking relief under the SBA’s Paycheck Protection Program during the coronavirus crisis.
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