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January 13, 2021 – HOUSTON, Texas – FINBOA, a leading innovator in digital automation and regulatory compliance for financial institutions, announced today that it is offering an SBA Paycheck Protection Program (PPP) Loan Application Solution free to community banks and credit unions for 90 days or until Round Three of PPP funding is exhausted.
The recently enacted Consolidation Protection Act, 2021 includes $284 billion in available Paycheck Protection Program (PPP) funding to help businesses impacted by the COVID-19 pandemic meet operational costs and remain viable. This third-round of funding gives any businesses who received funding in an earlier round an opportunity to seek additional funds, and businesses who did not receive funding earlier another chance to apply. The latest round of funding extends PPP through March 31, 2021 or until all funds are depleted.
FINBOA built a digital solution for the intake and processing of SBA PPP Loans on their extensible, Workplace Platform. Financial institutions can sign-up with FINBOA and get setup quickly and easily at no cost with free solution use while PPP Round Three funding is available. The FINBOA PPP Application Solution allows financial institutions to take PPP applications digitally from their customers in a safe and efficient manner. The cloud-based solution offers secure, encrypted transmission of relevant documents, accepts digital signatures with a legal consent form and consolidates all forms in one
convenient location.
“As a small business, we wanted to do our part to help other small businesses get the funding they need,” said Raj Singal, VP of FINBOA. “Community banks and credit unions act as the intermediaries in this effort to provide PPP funding to small businesses nationwide. We realized our software can help these financial institutions manage the paperwork deluge as they continue to help their customers and communities cope with the impacts of the pandemic.”