" class="no-js "lang="en-US"> Wolters Kluwer’s Paycheck Protection Program Tech Solution Helps Save 500,000 Jobs - Fintech Finance
Thursday, March 28, 2024

Wolters Kluwer’s Paycheck Protection Program Tech Solution Helps Save 500,000 Jobs

Wolters Kluwer Compliance Solutions has today announced that its Paycheck Protection Program (PPP) Supported by TSoftPlus™ solution, designed to help banks, credit unions, and other lenders support small businesses with payroll funding during the COVID-19 crisis, has so far assisted in PPP loan approvals supporting approximately 500,000 jobs across the U.S. The company says it will continue to provide its industry-recognized client support for the recently announced second round of PPP funding.

Yesterday the U.S. Congress passed a bill that authorized $310 billion in additional PPP funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The additional funding provides lenders a second wave of opportunity to help small businesses fund their payrolls as the nation continues to battle the coronavirus pandemic.

To date, Wolters Kluwer data shows that in working with lenders during the first round of funding, the company helped small businesses in all 50 states obtain PPP funds. Notably, 80 percent of the loans it processed were for small businesses with 20 or fewer employees. The state with the highest loan volume was California.

A spokesman confirmed that new users are able to access the solution with no upfront costs and can be processing loans “within hours after signing up to meet the urgent needs of small businesses in their local communities”.

“The announcement of a second round of funding is great news given the challenges that COVID-19 continues to present to main street businesses across the country. The reality is that lenders of all sizes will continue to see huge levels of interest that far exceed their traditional Small Business Administration (SBA)  loan processing activity—our solution is there to help them navigate the complexities quickly, efficiently and in a compliant way,” said Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “Hundreds of banks and credit unions relied on our technology and compliance experts to get small businesses the funding they needed during the first phase of funding, with half a million jobs retained as a result of their efforts. With the launch of this second round of funding, we are pleased we can continue to help local lenders provide urgently needed aid to even more small business employees.”

There continues to be strong interest from lenders in the Wolters Kluwer solution, with some lenders reporting as much as a 20-fold productivity gain through using the TSoftPlus functionality compared to securing PPP loans direct via the SBA website. “Many lenders typically only processed a few SBA loans per year before PPP. They are now able to process a sizeable number of PPP applications per day using the Wolters Kluwer solution, a trend set to continue with this second round of funding,” the company said in a statement. “Applications that were entered and queued in TSoftPlus after the program’s initial funding ran out can be easily submitted by the solution as soon as the SBA starts to accept applications again”.

More information about the solution, which includes free training and webinars with Wolters Kluwer’s compliance experts, is available on the dedicated webpage for Paycheck Protection Program Supported by TSoftPlus.

Wolters Kluwer Compliance Solutions provides risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations.

Industry Leadership

Paycheck Protection Program Supported by TSoftPlus is one of several solutions launched by Wolters Kluwer’s GRC division in response to the COVID-19 crisis, including the The Business Entity Search for CARES Act solution, offered by Wolters Kluwer’s Lien Solutions business, which conducts bulk/batch corporate identity searches to verify the business status of potential borrowers. COVID-19 Noteworthy Developments Bulletins, meanwhile, aggregates COVID-19 related global regulatory changes, orders, notices and other informational updates for the financial services industry. The division has also launched a COVID-19 resource center to provide businesses and law firms with international, federal and state legislative updates.

The Compliance Solutions business reported a record 30 independent industry awards in 2019 and is widely regarded as being a particularly innovative financial technology company.

Earlier this year Wolters Kluwer’s GRC division won three major accolades, recognizing it as a “Great Place to Work.” The awards, all decided by independent editorial panels, celebrate Wolters Kluwer GRC as a global employer that values it’s staff, recognizes and promotes talent from within and fosters a collaborative and high-performing culture.

Corporate Vision magazine named Wolters Kluwer GRC The Best Place to Work for Legal and Regulatory Compliance Software. US Business News, meanwhile, named its three Banking & Regulatory Compliance businesses  as its Global Employer of the Year for Financial Technology, as did Finance Monthly magazine in its hotly contested FinTech Awards 2020.

Other notable awards include the Compliance Solutions business earning three “Category Leader” quadrant recognitions in the Chartis Research Enterprise GRC Solutions Market Update & Vendor Landscape report. The quadrants in which Wolters Kluwer Compliance Solutions demonstrates superior capabilities include Enterprise Governance, Risk & Compliance; IT Risk Management; and Operational Risk & Conduct Risk.

The Compliance Solutions business also placed in Chartis’ “Best of Breed” quadrant for its Compliance Program Management capabilities which help financial services customers manage Third-Party Risk.

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