Compliance Systems, LLC, a CUNA Mutual Group company, has announced an SBA Payment Protection Program (PPP) solution for credit unions to help members access $350 billion in small business loans provided through the CARES Act. The solution helps credit unions quickly assist small businesses suffering through the coronavirus crisis. Compliance Systems is waiving all development fees for the new solution through June 30, the duration of the PPP.
“We are in a race against the clock to help small businesses access these funds to care for their employees and to support their communities,” said Ronny Chapman, senior vice president, Compliance Systems. “In collaboration with our lending partners in the financial industry, we’ve developed a solution that enables credit unions to process SBA PPP loans in days, not weeks.”
The solution provides credit unions with the necessary software to document urgently needed PPP loans for small business members so they can meet their payroll obligations, address other eligible expenses, and continue their vital community operations during the coronavirus crisis.
SBA PPP loans are structured differently than other SBA program loans and require new application and closing documentation, per SBA guidance and CARES Act specifications. Existing SBA solutions do not address PPP loans. The Compliance Systems SBA PPP solution is specifically designed for PPP loans, as well as for speed and utility.
The Compliance System solution pairs with these participating Loan Origination Solution (LOS) providers:
- Baker Hill
- MeridianLink
- Numerated Growth Technologies
- Q2 eLending
Compliance Systems is actively working to expand its solution to more LOS providers across the financial services industry.
“Small businesses are the lifeblood of local economies and communities across our country,” said Laurie Winger, chief financial and product officer at CUNA Mutual Group. “We are committed to providing credit unions and our financial services partners with the necessary tools to help their customers weather this storm.”
Credit unions can learn more about Compliance Systems’ PPP software by contacting Kevin Polinsky, managing director at kpolinsky@compliancesystems.