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PPP Loan Forgiveness

On May 27, 2020, the House passed the PPP Flexibility Act aiming to ease restrictions on small businesses as they seek loan forgiveness under the Paycheck Protection Program (PPP) authorized by the CARES Act.

The PPP forgiveness application has become available over the weekend. Four parts are included in the application: the forgiveness calculation form, PPP Schedule A, and PPP Schedule A’s worksheet, and a demographic information form. The bank that coordinated your PPP loan should be working with you to complete this application.

“The loan forgiveness application requires detailed supporting documentation (including social security numbers) so the application and supporting documentation should never be shared using unsecure methods like email or unprotected cloud sharing platforms,” said Karen Perkins, CEO of Vault Rooms. “For lenders that are currently in need of secure and efficient platforms to streamline the collection and processing of loan forgiveness application forms and documents, a virtual data room (VDR) is an ideal solution.”

Vault Rooms is currently offering its virtual data room platform at a steeply discounted price to assist lenders during this heavy forgiveness application time period.

Vault Rooms offers a unique set of features called Request List Management (RLM), which allows for a series of tasks to be created and assigned to loan recipients who can then easily provide the various documents they need to submit as part of the loan forgiveness process.

Banks using a Vault Rooms’ secure SOC-2 certified infrastructure will be able to easily assign pre-configured document collection tasks, monitor the completion of these tasks, and smooth out the forgiveness application process by easily communicating additional needs with applicants.

The Vault Rooms platform will also assist lenders in meeting social distancing requirements by enabling forgiveness applications to be processed 100% online.

If you’re interested in learning more, you can request a demo on the company’s website.