Q2 Announces Immediate Availability of End-to-End Paycheck Protection Program (PPP) Solution
22 Dezember 2020 - 9:04PM
Business Wire
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
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201222005648/en/
Beth Williams Q2 Holdings, Inc. 1-512-293-6013
beth.williams@Q2.com
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