Wolters Kluwer Compliance Solutions has announced that its Paycheck Protection Program (PPP) Supported by TSoftPlus solution, designed to help banks, credit unions, and other local lenders support small businesses with payroll funding during the COVID-19 crisis, has recommenced processing PPP loan applications under the replenished program funding, signed by President Trump on April 24.
There is continued strong interest in the Wolters Kluwer solution, with hundreds of local lenders using the solution and some reporting as much as a 20-fold productivity gain through using the TSoftPlus functionality compared to securing PPP loans direct via the Small Business Administration (SBA) website.
The impact of that effort is being felt by local lenders nationally in helping small businesses retain employees and keep their businesses afloat during the COVID-19 pandemic. North Star Community Credit Union, of Maddock, North Dakota, processed nearly 70 PPP loans using TSoftPlus software for the first round of funding.
“The Wolters Kluwer TSoftPlus solution allowed us to continue our very deliberate, strategic and proactive approach to help regional small businesses tap the CARES Act funds. We had already teed up several dozen more PPP loans applications in the systems in anticipation of a second round of funding that has now become available,” said Bob Herrington, CEO for North Star Community Credit Union. “These funds are really making a difference and making a huge impact for our members. Our experience using the TSoftPlus technology to process PPP loan applications has been truly positive.”
Wolters Kluwer data shows that during the first round of funding, the company helped small businesses retain 500,000 jobs by enabling local lenders to support those communities in all 50 states. Notably, 80 percent of the loans it processed were for small businesses with 20 or fewer employees.
“Previously we didn’t have much experience in applying for loans through the Small Business Administration, maybe one or two loans a year,” says John Stellner, president of Hometown Community Bank in Cyrus, Minnesota. “But the opportunity to help area small businesses get this payroll funding was critical so we used Wolters Kluwer’s TSoftPlus technology to help speed the PPP loan applications. We have been successful in helping about two dozen businesses access emergency payroll funding, ranging from a sanitation vendor and auto repair shop to a café, a local golf course, and area farmers who have been impacted by the COVID-19 crisis.”