Q2 Partners with Financial Institutions to Accelerate Financial Support from Small Bus. Administration Paycheck Protection Pr...
08 April 2020 - 9:47PM
Business Wire
Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital
transformation solutions for banking and lending, today announced
the launch of its end-to-end digital lending solution specifically
designed to help financial institutions accelerate application
acceptance and funding to small businesses under the U.S. Small
Business Administration (SBA) Paycheck Protection Program within
the Coronavirus Aid Relief and Economic Security (CARES) Act
recently enacted by the U.S. Department of Treasury. This solution
is provided via Q2 Cloud Lending, Q2’s integrated, cloud-based
lending platform.
The Payroll Protection Program (PPP) authorizes financial
institutions to provide up to $349 billion in funds to U.S. small
businesses and merchants negatively impacted by the Coronavirus
(COVID-19). The loans will be forgiven if used to pay for payroll
costs and other authorized expenses – making the aid package a
massive opportunity for financial institutions and small businesses
alike. The funds from the aid package are required to be
distributed by June 30, 2020.
Due to the urgency of getting financial support into the hands
of small businesses and the time-bound nature of the relief
package, the Q2 Cloud Lending solution is focused on streamlining
and digitizing the PPP application, eligibility, decisioning,
funding and loan forgiveness process for this critical support. The
Q2 Cloud Lending solution is designed to meet the expectations of
the mobile-first small business borrower, and is built natively on
the Force.com platform, providing best-in-class flexibility, speed
to market and scale.
“Q2 is committed to our financial institution partners and the
small businesses they bank. They are the backbone of our economy,
and using technology to help deliver aid and reduce their pain
during this moment is critical,” said Q2 CEO Matt Flake. “I’m
extremely thankful for our customers and their commitment to their
small business customers – this solution will help them serve those
who need them the most right now.”
For more information on Q2’s SBA Paycheck Protection Program
solution, please visit https://www.q2ebanking.com/sba.
About Q2 Holdings, Inc.
Q2 is a secure, cloud-based digital transformation solutions
company headquartered in Austin, Texas. Since 2004, it has been our
mission to build stronger communities by strengthening their
financial institutions. Our digital banking solutions for deposits,
money movement, lending, leasing, security and fraud enable
financial institutions to deliver a better financial experience to
their account holders. Our bank and credit union customers, along
with emerging financial services providers, also benefit from
actionable data analytics and access to open technology tools. To
learn more about Q2, visit www.q2ebanking.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200408005719/en/
Beth Williams Q2 C: (512) 293-6013
beth.williams@q2ebanking.com
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