New FIS Portal Automates Loan Forgiveness Process for Small Businesses Under Paycheck Protection Program
May 12 2020 - 8:00AM
Business Wire
Key facts
- New portal is powered by FIS Real-Time Lending platform to
automate and streamline the complex PPP loan forgiveness
process.
- The portal is available to all financial institutions and
merchants participating in the Small Business Administration’s PPP
as part of the U.S. CARES Act.
With the second phase of the U.S. Small Business
Administration’s Paycheck Protection Program (PPP) well underway as
part of the Coronavirus Aid, Relief, and Economic Security (CARES)
Act, thousands of small businesses and merchants across America
will soon be turning their attention to seeking forgiveness of
loans they have borrowed through the historic lending relief
program.
Financial services technology leader FIS ™ (NYSE: FIS) today
announced a new portal for use by participating businesses to
streamline and simplify the complex process of applying for loan
forgiveness. Available to all financial institutions and merchants
that have participated in the PPP, the portal leverages the FIS
Real-Time Lending Platform to automate the full PPP loan
forgiveness process from application through approval.
In order for loans to be forgiven, the Small Business
Administration (SBA) requires that recipients provide detailed
evidence that loans were used to cover payroll, mortgage interest,
rent, and utility costs over the eight-week period after the loan
was provided, and that stipulated employee payroll levels have been
maintained.
FIS’ loan forgiveness portal enables both borrowers and banks to
initiate the forgiveness process quickly and easily through
pre-filled applications and documentation uploads. The platform is
fully digital and requires minimal setup for banks, who can
implement the process by uploading a file of eligible loans with
existing PPP customers.
The portal determines loan forgiveness amounts and enables
financial institutions to review and e-sign forgiveness requests,
before routing document packages for e-sign by the borrower and
bank which are then submitted by the portal to the SBA for
validation. The portal also provides reporting features to allow
financial institutions to fully monitor the progress of all
applications.
“As a critical infrastructure provider, FIS is focused on making
it as easy as possible for small businesses and merchants to
complete the loan forgiveness process and help them get back to
business as soon as possible,” said Rob Lee, head of Global Core
Banking and Channels, FIS. “Our new portal uses advanced automation
technology to handle the entire process, reducing the time and
complexity for businesses in getting forgiveness of the essential
loans that are critical to their business.”
Through its Real-Time Lending Platform, FIS has helped
facilitate distribution of billions of dollars of PPP loans through
lenders to small businesses impacted by COVID-19.
In addition to these efforts, FIS has also waived minimum
monthly service charges for the months of April and May for its
U.S. and U.K. merchant clients and continues to provide a number of
value-added services including free virtual terminal access for
U.S. merchants and retailers enrolled in the Worldpay from FIS iQ
online portal for use in remote processing.
More information about the new FIS loan forgiveness platform and
other resources from FIS to help clients navigating the health
crisis can be found at the FIS COVID-19 Online Resource
Center.
About FIS
FIS is a leading provider of technology solutions for merchants,
banks and capital markets firms globally. Our more than 55,000
people are dedicated to advancing the way the world pays, banks and
invests by applying our scale, deep expertise and data-driven
insights. We help our clients use technology in innovative ways to
solve business-critical challenges and deliver superior experiences
for their customers. Headquartered in Jacksonville, Florida, FIS is
a Fortune 500® company and is a member of Standard & Poor’s
500® Index. To learn more, visit www.fisglobal.com. Follow FIS on
Facebook, LinkedIn and Twitter (@FISGlobal).
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version on businesswire.com: https://www.businesswire.com/news/home/20200512005085/en/
Kim Snider, 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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