Wolters Kluwer Compliance Solutions has bolstered its Paycheck Protection Program Supported by TSoftPlus software to speed up Small Business Administration (SBA) loan applications, according to a Monday (Dec. 28) announcement.
The division says it can provide an online loan platform that permits compliance with SBA Appendix 8 requirements for digital loans due to its purchase of eOriginal, which was recently unveiled, according to the announcement.
The revamped TSoftPlus software comes with Software-as-a-Service (SaaS) workflow features and is meant to assist Main Street lenders help with the expected influx of new Paycheck Protection Program (PPP) applications to assist small companies in handling the pandemic’s negative effects.
Wolters Kluwer has also connected its Online Applications infrastructure to bring the digital loan applications of those seeking loans straight into the TSoftPlus system. In addition, TSoftPlus has joint and complementary functions with the online lending infrastructure of eOriginal to streamline the SBA PPP for lenders, according to the announcement.
“Ultimately, we are enabling main street lenders to more effectively help their PPP customers access this new round of funding, helping them to navigate the various intricacies of the program,” Wolters Kluwer Compliance Solutions Executive Vice President and General Manager Steven Meirink said in the announcement.
Those who use TSoftPlus and eOriginal benefit from quick installation, letting them satisfy the pressing needs of small companies in their local areas, according to the announcement.
One of the biggest components of the now-signed second stimulus bill is $284 billion to help small businesses through a rebooted and revamped PPP lending initiative that will make qualification requirements stricter but relax taxation and eligible expense regulations.
The so-called “Second Draw” PPP will be restricted to firms that have less than 300 staffers, down from 500 in the first round, who can demonstrate a minimum 25 percent decline in revenue for any one quarter in 2020 compared to what they did last year.