4 ways to improve your PPP forgiveness process right now

4 ways to improve your PPP forgiveness process right now

Here are four things you can do now to help your small-business customers navigate PPP loan forgiveness.

You’ve been on the fast track, scaling up to help your small-business customers work through PPP loan applications. Now it’s time to focus on forgiveness. Are your staff, tools, and technology ready to handle the influx of applications? Do you have the resources to help customers who may be struggling to understand the complex – and in some areas confusing – loan forgiveness process?

In discussions with our banking and credit union clients, we’ve talked with hundreds of small-business owners about their struggles and concerns, and identified four things you can do to make life easier for you and your PPP customers.

1. Bring on more people 

Has your staff been stretched thin dealing with a massive wave of PPP applications? Do you have the resources you need to analyze shifting rules, apply them to specific situations, and process the incoming deluge of forgiveness applications – all while keeping up with your other work? Understanding the nuances of the forgiveness process will take time and dedication. Whether you just need a little help or prefer to outsource the entire process, filling those gaps with additional staff to cover everything from application review and quality assurance to operational setup and governance will make the process smoother.

2. Beef up your support

Before applications start pouring in, set up frameworks to streamline and standardize the PPP loan forgiveness process. Not sure where to start? For quick wins, use high-value review, approval, and quality control templates and checklists – saving time and avoiding surprises. 
Want to take the PPP loan forgiveness experience to the next level? 
Learn how our PPP Loan Forgiveness Platform for Lenders can help.

3. Communicate clearly and often

PPP borrowers have a ton of questions about timing and forgiveness requirements – not to mention the future of their business. They need consistent, thoughtful information about the next steps in the process. Implement a structured and metered communication plan – including hot-topic webinars and carefully scripted emails – that inform and educate customers every step of the way. 

4. Rely on technology

Your customers will appreciate a single platform that can guide them through the submission, review, and decision process. The Crowe PPP Loan Forgiveness Platform for Lenders streamlines the manual, spreadsheet-intensive forgiveness process, keeping track of customer data, workflows, and deadlines while creating a fully compliant audit trail. 

Whether you carve out specific activities or need help with managing the entire process, Crowe can assist in making your life easier, so you can deliver an exceptional experience to your customers. Our specialists are here to help on demand, staffing up or down as your needs dictate. In addition to staffing, frameworks, communication, and technology guidance, we use our deep Small Business Administration, consulting, and risk management expertise to help you evaluate processes, identify risks, and establish data analytics to inform you along the way.

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Michael Budinger - Large
Michael Budinger
Principal, Financial Services Consulting