StreetShares Signs Key Partner, Powers Community Lenders To Meet New $60 Billion Funding Mandate In Second Round of Paycheck Protection Program
Fiserv, Inc. (FISV)
Last fiserv, inc. earnings: 2/4 04:01 pm
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RESTON, Va. (PRWEB) April 23, 2020 The newest Paycheck Protection Program installment, known as PPP 2.0, will be signed into law later this week. PPP 2.0 reserves $60 billion for community banks, credit unions, and community lenders to make PPP loans. These lenders now have a turnkey loan-making technology from StreetShares Platform, a financial technology company located outside of Washington, D.C. in partnership with Fiserv, Inc., a leading global provider of payments and financial services technology solutions. The first version of the Paycheck Protection Program (PPP 1.0) ran out of funding in only 13 days, with bigger banks processing many of the loans. The newest installment, PPP 2.0, adds another $310 billion in funds, and includes a $60 billion allocation reserved just for community lenders, such as community banks, credit unions, and CDFIs. Community lenders struggled during PPP 1.0 with manual underwriting and uploading to the SBA's back-end loan registration system called
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