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DATE:
AUTHOR:
The SPARK team
TABLE OF CONTENTS:
    Release Notes

    Spark 7.3.1 Release Notes

    DATE:
    AUTHOR: The SPARK team
    TABLE OF CONTENTS:

      What's New

      These features were released January 13, 2021. Here are some new features we included in this release.

      Support for PPP Second Draw Program

      We’ve introduced the following features to support the PPP Second Draw Program for three workflows – (1) Applicants who have not received a PPP loan, (2) Applicants who received a PPP loan from a different lender, (3) ‘Repeat’ applicants that have their first PPP loan documented in SPARK. While built on the existing PPP workflow, we’ve included the following key changes.

      • Hard stops for ineligible applicants

      • Simplified calculator

      • Embedded FAQs

      • First-class SSN field to improve accuracy

      • First-class Tax ID (EIN / SSN) field to improve accuracy

      • Simplified Documentation of Business Ownership

      • Configurable Attestation

      Different Workflow for Repeat Borrowers from other lenders and First Time Borrowers

      Applicants in both Workflows will be directed to the PPP specific lead form, which has been updated. Questions will vary based on whether the business is a new or repeat borrower. Based on how the borrower answers the questions, SPARK will trigger an eligibility warning to alert borrowers if they are or are not eligible for a PPP loan.

      Workflow for Repeat SPARK Borrowers

      A new Packages listing section specific to PPP loans has been added. It will contain a list of all completed loan packages from Round One and will support single or batch notifications to invite borrowers into the system to apply for a second draw PPP loan.

      New PPP Packages and Leads Listing

      A new PPP Leads and Packages listing provides access to Round 1 packages (repeat borrower candidates), leads, PPP Packages by stage / milestone within stage. You will be able to filter, sort, and page, along with other singular and bulk actions. The view available are: Round 1 Packages, Submitted Leads, Inactive Leads, Application stage, Review stage, Closing stage, Funding stage, Completed Packages, and Inactive Packages.

      What's Changed

      We've made a few changes to the platform that will be live with this new release.

      SBA Forms 2483 and 2484

      • SPARK now supports the 2483 and 2483-SD forms for first and second draw PPP Borrowers

      • SPARK now supports the 2484 and 2484-SD forms for lenders to sign for first and second draw PPP Borrowers

      New SBA Submission Portal

      Rather than sending the PPP loans through E-Tran like we did for round 1, we are now utilizing the Forgiveness portal for both Origination and Forgiveness. Lenders need to ensure they have permission to originate loans in this portal.

      Legal Structures

      We have added new legal structures for the business documentation.

      New Use of Funds

      In order to correctly map to the 2483, we have added new uses of funds:

      • Covered Operations Expense

      • Covered Property Damage

      • Covered Supplier Costs

      • Covered Worker Protection Expenditure

      • Other

      Additionally, the Uses of Funds have been simplified as the allocation is no longer required for the SBA portal, but it is still populated on SBA Forms.

      Uses of Funds have been retired

      As part of the new legislation, certain uses of funds are no longer in use and will be retired from the SPARK platform. They include:

      • Refinance of EIDL

      • Cont. Group health benefits

      • Interest on debt incurred before 2/15/2020

      Find Out More

      For more information, download the full SPARK 7.3.1 release notes. Stay ahead in SPARK and subscribe to your favorite categories.

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