Small business is the backbone of the U.S. economy, and it's no secret that COVID-19 continues to leave a trail of financial despair in its wake. However, the first round of Paycheck Protection Program loans was anything but smooth and at great cost to the lender and the consumer. There are key differences from round one to round two of PPP loans and understanding these differences is critical. Over 100 banks of all sizes in the U.S. leveraged Salesforce to rapidly deploy PPP solutions during the initial round of funding in unbelievable time frames ranging from 48 hours to 7 days.
During this webinar, we’ll discuss key differences of the second PPP rollout such as how Tableau helps organizations with:
○ Credit risk
○ Loan volume
○ Fraud
○ Approval loan-cycle
○ Money-laundering
Come learn how Tableau has helped the top lenders get it right through this crisis and beyond.
Below are some additional tips to be aware of with these second round of SBA PPP Loans:
Cost of Getting it Wrong
- Lenders will not receive processing fees for PPP loans if any of the following happen:
- Loan is canceled before disbursement
- Loan is canceled or voluntarily terminated and repaid after disbursement but before borrower certification
- SBA conducted a loan review and determined that the borrower was ineligible for a PPP loan
- Lender failed to meet the requirements of the PPP program or document and retention requirements
How to Get it Right
- Document PPP strategy, & how underserved or rural markets were prioritized
- Ensure loan files are accurate and complete, including credit application, promissory note, transcripts, amount of loan, amount eligible for forgiveness, average monthly payroll costs, compliances with BSA/AML program
- Ensure Data Quality & Visibility
- Test PPP applications to detect risks under fair lending and Community Reinvestment Act requirements. Geographical penetration, analysis of PPP loan distribution
- Monitor performance
