Fast forward to April, with the announcement of the CARES Act, which created the Paycheck Protection Program (PPP). The PPP program administered by the SBA gave community banks the opportunity to support their local businesses through federal assistance of SBA 7(a) loans. Some of our clients had previously handled SBA loans while others were brand new to them. Either way the rules of the game were going to be different and information was changing daily. We knew it would be important to provide as much clarity as possible to our banks through writing blogs and participating in partnership webinars.
Flashback to the weekend of March 20th, the world seemed to have shut down overnight. With the escalation of the Covid-19 virus going from an outbreak on a cruise ship to a worldwide pandemic we all found ourselves in a halt we never knew was possible. The team here at Peak knew there were going to be many changes on the horizon and hurdles our communities were going to need to jump over especially within the banking industry. At the heart of our economy is our community banks where everyone turns for assistance and financial guidance during their time of need.
Below is of list of the information we were able to communicate:
• Peak Series – Assistance during COVID19: PPP SBA Loans for CARES Act
• Peak Series – Assistance During Covid-19: Waiving or Reducing Deposit Fees
• Peak Series: Assistance During Covid-19: Zoom meetings while working from home
• Peak Series – Assistance during COVID19: PPP SBA Loans Part II
• Peak Series – Assistance during Covid19: PPP Loans – wait now we have to service these?
• Peak Series – Covid19: Nintex or MAP? or Both?
• Peak Series – COVID19: PPP SBA Loan New 1502 Reporting and Forgiveness (Part I) “New 1502 Reporting Guidelines”
• Peak Series – COVID19: PPP SBA Loan New 1502 Reporting and Forgiveness (Part II) “Loan Processing Fees”
• Peak Series – COVID19: PPP SBA Loan New 1502 Reporting and Forgiveness (Part III) “Loan Forgiveness”
• Peak Series – RPA: Peak’s RPA Team assisted our clients with over 15k SBA PPP Loans with Nintex RPA and we’re still going!
Be sure to follow our social pages to stay up to date on all our releases for Covid-19 updates as well as consulting tips and best practices. Contact us today for more information on loan, deposit and RPA consulting services!