Cloud-based PPP solution provides 100% digital loan origination and forgiveness, dramatically increasing lenders’ processing capacity ahead of latest Covid-19 relief package, quickly getting money into the hands of businesses that need it
AUSTIN, Texas–(BUSINESS WIRE)–Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, today announced the availability of its Paycheck Protection Program (PPP) solution for lenders planning to participate in the next wave of the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP). The funding, part of the most recent Covid-19 relief package passed by Congress on December 21, will make $284 billion available for lenders to distribute to small businesses in need as early as January 2021.
Q2’s PPP solution has been in the market since the initial launch of PPP in April 2020. Automating the origination and forgiveness process via a single system has helped lenders process substantially more loans than would be possible manually. As a result, lenders can issue critical relief to more businesses in their communities, attract new business customers, and maximize PPP loans’ profitability.
“The latest round of funding for PPP gives lending institutions an opportunity to step up and support their communities,” said Darpan Saini, Senior Vice President and General Manager, Q2 Cloud Lending. “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.”
The PPP solution comprises two pre-integrated modules, PPP Originate and PPP Forgiveness, which combine to provide a 100% digital experience for lenders and borrowers with no in-person interaction required. For lenders, the system simplifies PPP application management and fulfillment and automates SBA eligibility and submission. For borrowers, the system streamlines the application process, which can be completed in 90 seconds or less, helping funds get to businesses swiftly.
Q2’s PPP solution can be implemented in under five days, as was the case with OnPoint Credit Union in Portland, Oregon, which used the system to become the seventh-largest credit union SBA lender in the nation through the first two rounds of PPP funding.
“Participating in the Paycheck Protection Program has let our community know we are here to support them,” said Steve Leugers, SVP and Chief Credit Officer at OnPoint Credit Union. “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.”
Q2 is committed to its mission of building strong and diverse communities by strengthening their financial institutions and is honored to partner with financial institutions in supporting local businesses and communities through PPP. For more information on Q2’s SBA Paycheck Protection Program solution, please visit https://learn.q2.com/ppp.
About Q2 Holdings, Inc.
Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. With comprehensive end-to-end solution sets, Q2 enables its partners to provide cohesive, secure, data-driven experiences to every account holder – from consumer to small business and corporate. Headquartered in Austin, Texas, Q2 has offices throughout the world and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com.
Q2 Holdings, Inc.