Jack Henry helps financial institutions manage forgiveness of Paycheck Protection Program loans
Jack Henry & Associates, Inc. is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today, the company announced it has launched a solution to help prepare lenders to manage Paycheck Protection Program (PPP) loan forgiveness with as much speed and efficiency as possible.
Jack Henry Lending has supported approximately 300 financial institutions in facilitating more than 60,000 loan applications for small businesses seeking assistance through the PPP. Businesses are expected to begin applying for forgiveness through their lender eight weeks from the date of funding, which begins in June. Once the SBA and Treasury Department finalize all the details, the Jack Henry PPP loan forgiveness solution will allow lenders and borrowers to facilitate the process.
Jack Henry Lending will automate much of this process for borrowers and lenders through robust workflows and strategic core integration points that minimize data entry and ease the bank’s workload. The entire digital process can be branded by the lender and will be available to all financial institutions, regardless of how they originated the PPP loans.
Terry Renoux, group president of Jack Henry Lending, stated, “Banks and credit unions have acted as first responders, demonstrating their commitment to helping their communities navigate the financial implications of this health crisis. They have shown true grit and resolve in making sure that the needs of their small businesses are being met, and we are honored to equip them with modern technology to support this effort. The work is not over; while we are still waiting on the SBA to offer its final guidance on the forgiveness process, it is important that we provide our strategy and tools early, helping position banks and credit unions for a successful follow through and enabling businesses to get back on their feet more quickly.”
PPP loans and their forgiveness create an opportunity for financial institutions to strengthen relationships with small businesses, some of which were turned away by larger institutions. Jack Henry remains dedicated to providing the support and technology that helps these lenders compete and invest in their futures. Jack Henry will work with the SBA to make whatever adjustments are needed when the final guidance is issued.
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