In its continued effort to provide creative technology solutions to its clients to help manage the unprecedented operating activity surrounding the COVID-19 pandemic, COCC is launching a specialized module to facilitate Paycheck Protection Program (PPP) loan forgiveness. Using COCC’s proprietary loan origination solution, LoanWriter, as the underlying software to support the initial PPP loans, COCC built an additional module that replicates all the components and requirements of the Small Business Administration’s (SBA’s) forgiveness application in a digital format. With COCC’s dedicated team working diligently to keep up-to-date with any changes issued by the SBA, PPP lenders are assured that the forgiveness solution is keeping pace with the program’s parameters.
The Digital SBA PPP Forgiveness App can reside on a client’s public facing web site, within their digital banking solution, or both. This allows businesses seeking forgiveness easy and secure access to the forgiveness application. The tight integration between COCC’s PPP solution and its core banking platform, INSIGHT, provides PPP lenders the ability to authenticate a borrower at the start of the forgiveness application process. In addition to acting as a tool to accept forgiveness applications, the Digital SBA PPP Forgiveness App has the functionality to support two-way communication, audit trail functionality, uploading of supporting forgiveness documentation, borrower e-signature certification of documents and long-term storage of documents.
This new app is COCC’s most recent COVID related technology solution built with the expressed intent of helping clients support their local economies. Coupled with COCC’s previously built Digital SBA PPP Loan App, which enabled clients to process applications for the PPP loans, the forgiveness module provides COCC’s clients with true end-to-end capability to manage PPP loans, from application through servicing. The Company has also developed multiple COVID related user fields so its clients can quickly identify businesses and consumers impacted and offer solutions such as skip a payment, defer loan payments or manage the elimination of excessive overdraft fees tied to deposit accounts. Multiple solutions were developed to ensure consumers would receive the total amount of the Economic Impact Payments (EIP) or stimulus checks. COCC’s approach to all these company-built solutions is to create strong workflows and automation to reverse any temporary COVID related solutions at no cost to our clients.