More than 4.9 million PPP loans were approved supporting over 51 million jobs. Now all of those borrowers will be filing for forgiveness. That's why its critical to understand how we got here, more importantly, to know what PCFS Solutions has built to help and support our lending community. PCFS Solution’s has created a comprehensive solution for PPP lending. Our new web service Forgiveness Portal is ready to roll and support your influx of PPP forgiveness requests We pulled together a simple workflow highlighted below that outlines the 10 easy steps lenders need to take to forgive a PPP loan and service your PPP Portfolio.
1) Once the PPP Loan reaches 7th week since disbursement it is eligible to apply for Forgiveness. The loan will be populated to the Borrower Portal list in Loan Manager.
2) Loan manager sends email to borrower to register for PPP Forgiveness Borrower Portal.
3 Borrower will register and login to PPP forgiveness website with two factor authentication.
4) Borrower enters 3508 or 3508 EZ data and uploads supporting documentation for each qualified forgiveness expense and agrees to Certifications Statements.
5) Borrower submits all necessary to the Lender Reviewers.
6) Lender Reviewers are unlimited in number and can work with the borrower to collect data, review documentation, and approve loans for Forgiveness and submission to Loan Manager.
7) Once approved, Loan Manager downloads certification data and documents from Borrower Portal and is populated on the SBA Tab-PPP Loan Forgiveness Tab.
8) SBA Form 3508 or 3508EZ will be created and sent to the borrower via DocuSign. Once complete, the form is received in Loan Manager's Document Library with all supporting documentation in case of audit.
9) The loan will be placed in a queue to be submitted through a web-service API to the SBA's Portal and will appear on the 1502 Report automatically. Our system Loan Manager will also automate the receipt of payment from SBA and account for full forgiveness, partial forgiveness, or if the loan(s) are not forgiven.
10) The PPP Portfolio will re-amortize based on the SBA's forgiveness decision. The loans will appear on a 1502 Report and behave similar to a 7A loan on the banks portfolio.