Paycheck Protection Program The loan forgiveness process

It’s time to get ready for the next step of the PPP loan process.

There’s no sugarcoating it: Handling forgiveness requests is going to be the most difficult and complex part of the PPP.

Though PPP loan applications deadlines continue to be extended, it's time to start preparing for the first wave of forgiveness.

We know it’s been a challenging road and that you want to close this out on a strong note. That's why we developed a six-week plan, along with some helpful tools – to make this process as seamless as possible.

Create an exceptional customer experience for your PPP clients

Navigate PPP process, risk, and compliance

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There’s a lot of noise around PPP loan forgiveness.

That’s because there’s a lot to know. You’ll need to stay current on guidance and update plans based on new information. Documentation and calculation of forgiveness amounts will be under scrutiny, too.

We want to help you focus on the decisions that are most important – so we broke down the process across six weeks. All actions fall under three critical categories, with steps outlined under each.

Let’s focus on what you can do to keep customer relationships strong.

Our six-week plan helps to target efforts where they’re needed most.

Develop the customer experience

Assess + validate approved loans

Set up the loan forgiveness process

Develop the customer experience

Week 1

Develop borrower communications for your website/portal and weekly emails – including summary highlights of potential tax benefits – and provide separate outreach for customers who require additional information (e.g., customers with an EIDL).

Week 2

Update your website with forgiveness program requirements based on business type, and continue to communicate with customers requiring additional information.

Week 3

Monitor website traffic to your forgiveness program page, develop customer communication for declining forgiveness amount request (full or partial), and continue customer communication as needed.

Week 1

Week 2

Update your website with forgiveness program requirements based on business type, and continue to communicate with customers requiring additional information.

Week 3

Monitor website traffic to your forgiveness program page, develop customer communication for declining forgiveness amount request (full or partial), and continue customer communication as needed.

Weeks 4-5

Begin outreach to customers who have not visited the forgiveness program website, create borrower forgiveness cases for customers, update website/portal and e-blast any new requirements/changes, and continue Week 3 tasks as needed.

Week 6

Develop and send checklist to customers detailing forgiveness request process, continue Week 4-5 tasks.

Weeks 4-5

Week 6

Develop and send checklist to customers detailing forgiveness request process, continue Week 4-5 tasks.

Assess + validate approved loans

Week 1

Gather data from completed applications, quality control a segment of your loans, and identify and remedy documentation and/or data gaps that may affect quality of the file.

Week 2

Identify fraud characteristics and missing BSA data, and begin to gather missing docs from customers to round out loan file.

Week 3

Analyze borrower data to prioritize forgiveness processing and continue to gather missing docs.

Week 1

Gather data from completed applications, quality control a segment of your loans, and identify and remedy documentation and/or data gaps that may affect quality of the file.

Week 2

Identify fraud characteristics and missing BSA data, and begin to gather missing docs from customers to round out loan file.

Week 3

Analyze borrower data to prioritize forgiveness processing and continue to gather missing docs.

Weeks 4-5

Begin to stage cases for forgiveness, continue Week 3 tasks as needed.

Week 6

Identify “at-risk” customers where business may no longer be viable and who have not applied for forgiveness.

Weeks 4-5

Begin to stage cases for forgiveness, continue Week 3 tasks as needed.

Week 6

Identify “at-risk” customers where business may no longer be viable and who have not applied for forgiveness.

Set up the loan forgiveness process

Week 1

Monitor guidance and make initial interpretations, identify and prioritize uncertainties, and begin design process for technology, escalations of questions, and interpretations through management and legal.

Week 2

Inventory existing templates and determine the impact of uncertainties for use, and develop baseline forgiveness process & procedures.

Week 3

Design workflow, checklists, worksheets, and templates, along with management & productivity reports.

Week 1

Week 2

Inventory existing templates and determine the impact of uncertainties for use, and develop baseline forgiveness process & procedures.

Week 3

Design workflow, checklists, worksheets, and templates, along with management & productivity reports.

Week 4

Configure your workflow and/or design a forgiveness request tracker, determine calculator variations and variables, continue building out management & productivity reports.

Week 5

Complete forgiveness process & procedures based on any updated guidance and begin to train staff, process a pilot request with well-known borrowers, and finalize calculator(s).

Week 6

Update forgiveness process & procedures based on pilot results, any updated guidance, and interpretations, and set up request tracker and/or refine workflow.

Week 4

Configure your workflow and/or design a forgiveness request tracker, determine calculator variations and variables, continue building out management & productivity reports.

Week 5

Complete forgiveness process & procedures based on any updated guidance and begin to train staff, process a pilot request with well-known borrowers, and finalize calculator(s).

Week 6

Update forgiveness process & procedures based on pilot results, any updated guidance, and interpretations, and set up request tracker and/or refine workflow.

Drowning in forgiveness applications? Crowe can help you stay afloat.

Crowe specialists can walk alongside you – we’re digesting new guidance and procedures so you won’t have to figure them out on the fly. We can also complete the entire process for you. Whatever you need.

Advisory expertise

Navigate process design, risk implications, plus tax and accounting considerations for borrowers and lenders.

Quality control

We’ll review all of your PPP loans.

Program design

Our team will design and implement your forgiveness processes.

Establish support frameworks

Develop your toolkit, checklists, worksheets, and templates.

Implement technology

Including the Crowe PPP Loan Forgiveness Platform for Lenders.

Explore solution

Augment your staff

We have a team ready to help process requests.

Walk your customers through every step of the PPP process

How you handle your PPP loan forgiveness experience could make or break your bank. Get one simple platform to clear the path for PPP loan forgiveness.

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