Press Releases

LoanStreet to Support Next Phase of SBA PPP Loan Program

Webinar Covering New Features and Next Phase of PPP Scheduled for December 16

NEW YORK, NY—November 23, 2020—LoanStreet Inc. has further strengthened the features of its comprehensive SBA PPP loan origination, servicing and reporting platform to support a new workflow and API to the SBA for loan “forgiveness” and the origination of new loans beyond 2020, pending new legislation. LoanStreet will host a webinar covering these features and the next phase of the PPP on December 16 at Noon Eastern Time (register here).

Financial institutions of any size will be able to streamline the process and ensure compliance with the forthcoming phase of the PPP should they wish to deliver program benefits to their communities.

LoanStreet’s SBA PPP lending platform immediately enables financial institutions to originate, service, report, and forgive SBA PPP loans at scale without prior SBA experience. Its features include:

  • SBA PPP underwriting module that enables the lender to securely collect the required application and supporting documents and retain them for audits and examinations.
  • Direct API connection to E-Tran that enables the lender to submit the application and forgiveness forms (Full, EZ, and S) for both the 8-week and 24-week coverage periods to the SBA for approval.
  • E-sign capabilities to support a fully electronic process for the borrower and the lender.
  • SBA PPP servicing module automates all calculations and reporting required by the SBA, including 1502 reports, on an ongoing basis.
  • Intuitive integrated platform requiring no on-site installation; can be used by remote staff and requires almost no training; no duplication of effort or re-keying information over time.
  • Dedicated online support channel for the program with a 4.6 star customer satisfaction rating.

“LoanStreet’s platform has been an instrumental tool enabling many financial institutions to provide the SBA PPP to their customers. We are committed to delivering best-in-class technology solutions for lenders that wish to remain active in the program,” Ian Lampl, CEO of LoanStreet, said. “In addition to our existing PPP clients, we believe many financial institutions that did not participate in the first phase of the PPP or that participated using patchwork manual processes to originate PPP loans will reap significant benefits by utilizing our scalable technology solution. This is crucial in an environment where internal resources may be more constrained than before and there was such complexity following the passage of the CARES Act.”

More than ever, having streamlined solutions for forgiveness or new applications are critical to maximizing the success of any institution’s PPP lending.

Link to Webinar Registration Page

About LoanStreet Inc.

LoanStreet is the first fully-integrated, online platform that streamlines the process of sharing, managing, and originating loans for credit unions, banks, and alternative lenders. LoanStreet was founded in 2013 with the mission to create a more efficient, transparent, and robust way of administrating loans and connecting the lending market. LoanStreet’s nationwide network of hundreds of financial institutions gives lenders the ability to profit and grow by combining technology and dedicated expertise to mitigate the constraints otherwise caused by geography, size, or concentration limits. Nearly 1,000 financial institutions now use LoanStreet’s software solution to successfully do business with each other and maximize the potential of their respective organizations. LoanStreet was co-founded by Ian Lampl, former Deputy Chief Counsel for TARP, following the financial crisis to meet the acute need he saw for a standardized and automated loan sharing platform.

Michael Lanzarone