AUSTIN, Texas, May 20, 2020 /PRNewswire/ -- Four state and regional banking associations announced their endorsement of Abrigo's Paycheck Protection Program (PPP) Forgiveness and Administration solution, part of the Sageworks SBA Lending solution, to aid their member banks in streamlining the loan forgiveness and administration process. Those associations include the California Community Bankers Network, Georgia Bankers Associations, the Ohio Bankers League, and Virginia Bankers Association.
The PPP forgiveness process is expected to be a time-intensive process for banks as they work with borrowers to collect documentation and submit information to the SBA. With many aspects of the forgiveness process currently unclear, it is beneficial for banks to have a partner, like Abrigo, to help the institution to stay compliant and service the loans at scale.
Abrigo's automated PPP loan forgiveness solution provides banks with software to digitize the collection and submission of any required forgiveness documentation, so banks can spend less time dealing with manual processes and more time serving their small business borrowers. In addition to increased efficiency and speed on the front end, Abrigo's solution also gives banks the ability to calculate the forgiveness amount based on the provided PPP guidelines to ensure compliance and accuracy. Lenders can also generate Form 1502 within the platform to request their loan processing fees from the Small Business Administration (SBA) and for ongoing monthly servicing.
Regardless of whether or not a bank used Abrigo for PPP loan origination, any bank can utilize Abrigo's PPP loan forgiveness and administration solution. Institutions who filed with other vendors or directly through the E-Tran portal can easily import the data from their core to streamline the forgiveness process.
"Community financial institutions were the true heroes of the Paycheck Protection Program and their work is just beginning. As these loans are funded, CFIs need to ensure they are following the proper forgiveness procedures, an often time-consuming process," said Abrigo President Jay Blandford. "We're proud to partner with state banking associations to provide their member banks with direct access to our PPP Forgiveness and Administration solution to help streamline the process and keep them compliant."
Over 175 community financial institutions used Abrigo's automated PPP loan origination solution, with E-Tran integration, to quickly and efficiently process over 110,000 PPP loans, totaling more than $11.1 billion in loan volume, since the program was first launched on April 3.
These state banking association's member banks will receive preferred pricing for Abrigo's PPP Forgiveness and Administration solution through the association. For more information on Abrigo's PPP solution, visit Abrigo's website or the CARES Act and SBA lending resource page.
Abrigo is a leading technology provider of compliance, credit risk, lending, and asset/liability management solutions that community financial institutions use to manage risk and drive growth. Our software automates key processes – from anti-money laundering to asset/liability management to fraud detection to lending solutions – empowering our customers by addressing their Enterprise Risk Management needs. Visit abrigo.com to learn more. Follow Abrigo on social media using @WeAreAbrigo.