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DATE:
AUTHOR:
The SPARK team
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    Release Notes

    SPARK 7.1.5 Release Notes

    DATE:
    AUTHOR: The SPARK team
    TABLE OF CONTENTS:

      What’s New

      New Paycheck Protection Program Product

      SPARK 7.1.5 includes support for the new Paycheck Protection Program (PPP). We’ve introduced the following features to support a streamlined PPP origination process:

      • Custom PPP lead form for lender web sites:

        • Custom loan amount calculator using average monthly payroll support to determine eligible loan amount (2.5 x average monthly payroll)

        • Primary contact information

        • Business borrower information

        • Additional ownership (for documenting 100% ownership)

      • PPP-specific information request for capturing the information required for SBA Form 2483 (borrower application)

      • Generation of SBA Form 2483 using SPARK document generation

      • Streamlined “review” stage to confirm PPP Eligibility (SBA Form 2484) and memorialize the transaction via a truncated credit memo template

      • Support for push button E-TRAN submission

      • Streamlined closing process using existing SBA 7(a) forms required to close PPP loans

      Automatic Provisioning of Information Requests upon Lead Conversion

      SPARK now supports an automated invitation and information request provisioning process for organizations that take advantage of SPARK’s lead form. Lead managers can now opt to automatically invite the applicant into SPARK and automatically provision an information request to continue with the application process.

      What's Changed?

      SBA Express Maximum Loan Amount

      SPARK’s SBA Express product maximum loan amount will be increased to $1,000,000.

      Question 10 on SBA Form 1919

      Prior to this release, question 10 would always default to “Yes”. Going forward we will use the value selected on the business history form that is available within SPARK.

      Question 10 from SBA Form 1919

      Is the Small Business Applicant using (or intending to use) a packager, broker, accountant, lawyer, etc. to assist in (a) preparing the loan application or any related materials and/or (b) referring the loan to the lender?

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