Austin, TX – May 20, 2020 – Four state banking associations announced they have endorsed Abrigo’s Paycheck Protection Program (PPP) Forgiveness and Administration solution, part of the Sageworks SBA Lending solution, to aid its member banks in streamlining the loan forgiveness and administration process. The California Community Bankers Network, Georgia Bankers Association, Kansas Bankers Association, the Ohio Bankers League, and Virginia Bankers Association have all backed Abrigo's solution.
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.