SPARK 7.1.6 Release Notes

DATE: June 24, 2020

AUTHOR: The SPARK team

What's New

These features were released June 24, 2020. Here are some new features we included in this release.

Paycheck Protection Program – Forgiveness Application

Overview

The SBA recently released two PPP Forgiveness Applications – SBA Form 3508 and SBA Form 3508EZ – along with guidance for borrowers and lenders. This release includes support for an online borrower forgiveness application that is available from within the borrower portal along with a basic workflow for lenders to help review and process the forgiveness application.

High-level Forgiveness Workflow

A basic workflow is included in SPARK’s support for PPP loan forgiveness to guide the borrower and lender through the process.

Forgiveness Application Status

SPARK’s forgiveness application includes a status to provide visibility into where the application is in the process. A forgiveness application can be in one of the following statuses:

Not Started – The borrower has not started the online forgiveness application.
In Progress – The borrower has started the online forgiveness application.
Submitted – The borrower has submitted the online forgiveness application.
Under Review – The lender has started the review process.
Lender Approved – The lender has initially approved the forgiveness application.
Awaiting Signature – The lender has generated SBA Form 3508 and the borrower has been notified that their signature is required.
Signed – The borrower has signed SBA Form 3508.
SBA Review – The lender has submitted the application and supporting documentation to the SBA for review.
SBA Review Complete – The SBA has provided a response back to the lender regarding the forgiveness application.
Withdrawn – The lender has withdrawn the forgiveness application and the borrower will not participate in the forgiveness process.

Workflow Notifications

Several new notifications are included in this release to support the forgiveness workflow. As with all SPARK notifications, each notification can be customized to meet your needs.

Initial Borrower Notification of Forgiveness Application / Forgiveness Application Reminder – This notification is automatically sent from SPARK once the 8-week covered period has ended. SPARK uses the date the loan package moved to the “Funded” stage to determine when the borrower should be notified. Reminders are sent every 3 days from the original notification until the application is started.
Forgiveness Application Submission Confirmation – This notification is sent to the borrower who submitted the forgiveness application and can include lender-specific verbiage informing them of what they can expect with the lender’s forgiveness process.
Forgiveness Application Submitted – This notification is sent to the “loan team” originally assigned to the PPP loan. Additional recipients can be added within SPARK Configuration depending on your approach to the forgiveness process.
Additional Information Required – If a lender “rejects” or requires additional information, a notification is sent back to the borrower informing them of the additional information required.
Forgiveness Application Approved – If a lender “accepts” the forgiveness application, a notification is sent to the applicant informing them that the lender has initially approved the application.

Find Out More

If you're interested in learning more, please check out these helpful links:

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