After one year and one month, the Program that provided a lifeline for US businesses ran out of funding, and perhaps for the first time, does not appear to be returning soon.
Luke LaHaie, Founder, CIO, and president of ACAP, discusses the top lessons his PPP loan buying and servicing team have learned throughout the program.
Moving the deadline forward provides applicants with numerous benefits, but it also prolongs the challenges of PPP for participating lenders.
Congress has passed the Emergency Coronavirus Relief Act, including a $285 billion extension to the Paycheck Protection Program.
Servicing provider advocates for small businesses through loan servicing solutions
Your PPP loan portfolio may be impacted by this update. ACAP can help. The SBA and Treasury released a simplified loan forgiveness application for PPP loans of $50,000 or less. The two-page forgiveness application, called Form 3508S, is designed to ease the servicing burdens for lenders currently weighed down by collecting required borrower information and documentation.
You’ve originated PPP loans, but there is still much to do. You know it’s time to maximize PPP forgiveness opportunity for your borrowers – but how? In just three steps, lenders like you are liberating themselves from the PPP servicing and forgiveness process and getting back to banking.
You’ve played a critical role in supporting small businesses through PPP lending. It’s time to liberate yourself and get back to banking. Northeast Bank’s recent sale of $457.6 million in PPP loans to ACAP & The Loan Source immediately off-loaded the servicing responsibility and forgiveness process, allowing the Bank to accelerate its PPP income…
Banks of all sizes are selling their PPP portfolios and outsourcing servicing. Should you, too?