Supporting Small Business Lending During COVID-19
In the wake of the relief bills including the recent Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and the Paycheck Protection Program, lenders can help to ensure that funds are made available for businesses to pay for expenses like payroll, mortgage interest, personal protective equipment, rent, utilities, and operation costs.
At Finastra, we want to assure you our team is evaluating how we can support our lenders as more information becomes available from the Small Business Administration and U.S. Treasury.
Please watch for updates via email, messages on Finastra.com and your Knowledge Center.
Webinar: PPP Round Three – The New Stimulus Bill
The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, written into law over the 2020 holidays, allows another $284 billion in Paycheck Protection Program (PPP) funds. Listen now as Finastra and legal counsel Dorsey & Whitney discuss the differences between the old and new programs.
Helping You Now
SBA Lending Suite
- New PPP borrower application available. Enter application data and produce the document.
- Transmit the application to the SBA via E-Tran to secure the requested funds and the SBA Application loan number.
Access the release download and detailed release notes in the Finastra Support Center.
Visit the customer Knowledge Center for relevant articles and updates:
- Paycheck Protection Program (PPP) Loan Processing Tips (NAR8753)
- Creating a Standard Policy for SBA PPP Loans (HT12231)
Remote Online Notarization
Meet borrower demand, wherever they may be, with end-to-end flexibility and remote lending options: eSignature solutions and Remote Online Notarization (RON).
- Authenticate the borrower
- Collect required documents
- Electronically sign final loan documents
Visit the customer Knowledge Center for relevant articles and updates
Remote Document Signing and Collaboration with ProSign Online (BLN5216)
Loan Onboard and Servicing
Fusion Phoenix allows you to onboard and service all types of loans, including SBA loans, payment deferments, interest adjustments, and so forth.
Each financial institution is unique in how it configures loan classes. There are minimum government requirements for an institution’s loan setup, but there are additional restrictions a financial institution can or will impose on those requirements with Fusion Phoenix. For PPP loans, configuring loan classes is the same for SBA loans. If you currently do not process SBA loans, you will need to set up a PPP loan class based on your established practices.
Knowledge Center Resources
- Fusion Phoenix and the CARES Act presentation April 9, 2020 (BLN5228)
- Fusion Phoenix - Deposit processing settings to help your customers / members (BLN5226)
- Fusion Phoenix - Loan processing settings to help your customers / members (BLN5227)
- Fusion Phoenix Regulatory considerations to help your customers / members (BLN5233)
NOTE: If you are a user without a Knowledge Center account, please contact your institution’s administrator.
Consumer Loan Support
Fusion UltraData currently supports servicing of all consumer loan types as well as SBA Colson Reporting and Credit Bureau Reporting.
For Fusion UltraData clients, the focus is on consumer lending products but standard functionality supports a number of options to help credit unions provide payment deferrals when requested by members.
Knowledge Center Resources
- Fusion UltraData and the CARES Act presentation April 9, 2020 (BLN5229)
- Fusion UltraData – Existing features to help your members (BLN5232)
NOTE: If you are a user without a Knowledge Center account, please contact your institution’s administrator.
Loan and Credit Bureau Reporting
Fusion Sparak currently supports servicing of all loan types as well as SBA Colson Reporting and Credit Bureau Reporting.
Fusion Sparak includes comprehensive options to handle payment deferrals and other provisions as defined within the CARES Act. Two enhancements are being developed to help automate consumer and commercial lending.
Knowledge Center Resources
- Fusion Sparak and the CARES Act presentation April 9, 2020 (BLN5230)
- Fusion Sparak – Loan processing settings to help your customers (BLN5237)
- Fusion Sparak – Deposit processing settings to help your customers (BLN5236)
NOTE: If you are a user without a Knowledge Center account, please contact your institution’s administrator.
Training Options and Learning Tools
Round Three of the PPP - The New Stimulus Bill Amendments
Fusion LaserPro and Fusion DepositPro - Hands-on Lab training
BLN5509: PPP Loan Program Reauthorized Pursuant to Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act
BLN5511: 7(a) Program Changes Due to Economic Aid to Hard Hit Small Businesses, Nonprofits, and Venues Act
Questions?