April 24, 2020 – Abrigo announced a new feature to its Sageworks SBA Lending solution to allow lenders to upload multiple Paycheck Protection Program (PPP) applications simultaneously to E-Tran with the click of a button. The addition to Abrigo’s market-tested solution helps lenders submit PPP applications more quickly and secure funds for small businesses in their communities.
Although funds for the Paycheck Protection Program (PPP) were depleted on April 16, financial institutions have continued to accept applications in anticipation of additional funding. Tuesday, the Senate approved $310 billion in new authorizations for the PPP, and the House is expected to vote on the measure Thursday. This second round of funding is expected to go even faster than the first round, which was exhausted in 13 days.
Abrigo’s SBA Lending solution has already processed more than 56,000 PPP applications from over 150 financial institutions. Though lenders cannot currently submit applications via E-Tran, lenders may continue to use Abrigo’s E-Tran-integrated SBA Lending solution to prepare loan requests that are currently in their pipeline. They may then submit multiple applications simultaneously to the portal when funds are authorized.
“We need to give our customers the best chance possible to fund their PPP loan applications,” said Dominic Leali, Senior Vice President of Product Development for Abrigo. “This quick submission functionality allows our customers to input as many applications as they need to with the click of a button.”