Crowe PPP Loan Forgiveness Platform for Lenders: FAQs

6/12/2020
Crowe PPP Loan Forgiveness Platform for Lenders: FAQs

Learn how the Crowe PPP Loan Forgiveness Platform for Lenders can help you create an exceptional experience for your borrowers.

The PPP Loan Forgiveness Request process is rapidly changing. Are you prepared to process your borrowers’ requests? Do your borrowers have the tools they need to begin the process? And do you have the technology you need to both manage the process and create an exceptional experience for them?

The Crowe PPP Loan Forgiveness Platform for Lenders helps you manage the complex and ever-changing PPP process. This platform was designed by credit practitioners, informed by national tax experts, and built by technicians who understand the importance of consistency, compliance, and clarity. Here are a few answers to frequently asked questions about how the platform can work for you.

Q. What are the key features of this platform? 

A. The front-end, secure borrower portal can support you in several ways, including:

1. Authenticating each user and providing you with:

  • A place to bi-directionally communicate with the borrower throughout the process
  • The ability to include responses to borrowers’ frequently asked questions 
  • Online access to the forgiveness application to make sure information is consistently collected and interpreted across all borrowers
  • Forgiveness request statuses, such as not started, in process, QA, or submitted to the Small Business Administration (SBA)

2. Reviewing and confirming borrower-provided documentation that supports the forgiveness calculation, including:  

  • Complete checklists for reviewers to validate application 
  • Executive-level reporting, insight, and metrics
  • Planned integration to submit completed forgiveness requests to the SBA if allowed, though currently no integration specifications have been released

3. Providing a complete audit trail with:

  • A record of work steps performed on the forgiveness request
  • The ability to store for future reference

Q. Can a borrower modify an application once it’s submitted to us? 

A. No. Once the application is submitted and you start the review process, it becomes read only. The borrower can only add or upload additional documents. If you request application updates from the borrower, you can send the application back to the borrower to make the appropriate changes.

Q. Once the application is in our queue or the review stage, can we modify inputs the borrower made? How does the platform recognize this procedure? 

A. Yes. When you open a request, you can view and edit fields completed by the borrowers. For security, you can also lock down certain fields and grant edit access to specific individuals. Every field change is captured through the audit log, and rationale for changes can be captured through review note functionality. 

 

Q. Does the platform allow us to communicate directly with the borrower once the application is submitted?

A. Yes. The reviewer can send emails directly through the platform with seamless Microsoft™ Outlook™ integration. Any communication will be automatically captured as part of the review record.

Q. How will we know if an application request is nearing the required 60-day time frame for review?

A. Built-in reporting and dashboard functionality capture review stages and statuses, and they allow you to create an aging report.

Q. Once the loan forgiveness process is over and this platform is shut down, will we be able to import supporting documents into our own system? 

A. Yes. This system is designed to be hosted in your Microsoft Azure™ environment – which means the data never leaves the control of your institution. We provide implementation and help you set up access, but all documents are housed in your Azure environment from day one and will be available even after the solution itself is phased out.  


Microsoft, Outlook, and Azure are registered trademarks or trademarks of Microsoft Corp. in the United States and/or other countries.

How you handle your PPP loan forgiveness experience could make or break your bank.
Learn how our Platform for Lenders can help.

Contact us

We’re here to help you create an exceptional PPP loan forgiveness experience for your borrowers. Feel free to email our team at Caresact@crowe.com with additional questions.