P3 Loan Forgiveness Report
PAYCHECK PROTECTION PROGRAM
The CARES Act established a $350 billion Paycheck Protection Program (P3) to provide much-needed relief to small businesses. The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed.
The new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months.
Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.
Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.
How the P3 Loan Forgiveness Report Helps
The PayNet P3 Loan Forgiveness Report is designed to give lenders a fast, efficient and reliable way to manage the complex forgiveness process for the unprecedented number of small business loans made under the Paycheck Protection Program (PPP).
The PayNet Report automates the collection of third-party data points necessary for loan forgiveness under the current PPP requirements. Since current guidelines require businesses to spend their PPP loan funds within eight weeks, the PayNet Loan Forgiveness Report seamlessly tracks payroll data and timelines.
P3 Loan Forgiveness Report Overview
The PayNet P3 Loan Forgiveness Report delivers data directly from verified payroll providers, as available, utility companies and data aggregators that can be configured to meet forgiveness reporting needs. The report is also integrated into the recently announced PayNet P3 Data Pack, providing a holistic lending and validation platform that helps lenders expedite and forgive PPP loans.
The reports will include information such as:
- Business details
- Rent and mortgage data
- Payroll history (as available)
- Repayment calculations
- Utility payment history
For more information, reach out to your sales representative or contact us.