In reaction to the unprecedented need of small businesses due to the global pandemic, the Small Business Administration (SBA) will soon be announcing a second round of CARES (Coronavirus Aid, Relief, and Economic Security) and PPP (Paycheck Protection Program) loans. The proposed additional $310 billion in funding will help small businesses cover operational expenses as well as assist recipients in paying their employees during this time of economic uncertainty. With thousands of applications at the ready, banks and credit unions need to be poised to act immediately then these additional funds are approved and released. The program's initial allotment was exhausted in just 14 short days, the additional funds are expected to be claimed much faster than that.
Is your institution fully operational and ready to submit and process this next round of business-critical loans in an efficient and expedient timeframe? If you previously found the interaction with the E-tran system to be time consuming and painful previously, NXTsoft has a solution that can minimize the amount of time you and your staff spends trying to process your customers’ PPP loans through E-Tran system.
NXTsoft’s OmniConnect CARES Queue can automate the task queueing your customer loans into the SBA E-Tran for review. Our solution ensure that your loans are submitted as quickly and seamlessly as possible, giving your clients the best possible chance of obtaining the program funds. OmniConnect CARES Queue continuously submits loan applications for processing and deliver a clear picture of exactly where your customers’ loan applications are in the queue at all times. Minimize the amount of time your staff spends on submitting PPP loan applications and maximize your ability to communicate with your customers on their SBA CARES loan status with OmniConnect CARES Queue.
Contact NXTsoft today to install the CARES Queue at your institution so that you are prepared to give your customers the best shot at having their loans funded. Visit our OmniConnect CARES Queue page or contact us at sbainfo@nxtsoft.com. Let our team of experienced integration specialists connect your data and get a jumpstart out of the gate on this next round of CARES and PPP loans.
