Q2 announces availability of cloud-based, end-to-end digital PPP solution

By Pavithra R

Q2, a leading provider of digital transformation solutions for banking and lending, has announced the availability of its Paycheck Protection Program (PPP) solution for lenders participating in the next wave of the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP).

The funding is part of the recent Covid-19 relief package passed by Congress on December 21, will make $284 bn available for lenders to distribute to small businesses in need as early as January 2021. The PPP solution comprises 2 pre-integrated modules, PPP Originate and PPP Forgiveness, which combine to provide a complete digital experience for lenders and borrowers with no in-person interaction required. 

For lenders, the system eases PPP application management and fulfilment and automates SBA eligibility and submission. For borrowers, it streamlines the application process, helping funds get to businesses swiftly.

“The latest round of funding for PPP gives lending institutions an opportunity to step up and support their communities. By using a digital solution, those lenders can reach so many more businesses in dire need of financial relief. And lenders that are able to respond quickly and focus on simplifying the borrower experience will have a substantial competitive advantage in using PPP to attract new business customers,” said Darpan Saini, Senior Vice President and General Manager, Q2 Cloud Lending.

Q2’s PPP solution has been in the market since April 2020 the initial launch of PPP. Automating the origination and forgiveness process via a single system has helped lenders process substantial amount of loans than would be manually possible. Automation helped lenders in issuing critical relief to more businesses in their communities, attract new business customers, and maximize PPP loans’ profitability.

OnPoint Credit Union in Portland, Oregon, implemented Q2’s PPP solution can be implemented in under five days and became the 7th largest credit union SBA lender in the nation through the first 2 rounds of PPP funding.

“Participating in the Paycheck Protection Program has let our community know we are here to support them. This is a crucial time for lending institutions to be there for businesses in the communities we serve, and Q2’s partnership has helped us serve thousands of new and existing members in their time of need,” said Steve Leugers, SVP and Chief Credit Officer at OnPoint Credit Union.

Established since 2004, Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, CUs, alternative finance, and FinTech companies in the U.S. and internationally.