WSFS to use outside processor for Payroll Protection Act applications

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Wilmington-based WSFS Bank has partnered with ACAP & The Loan Source to accept, process, and service the new round of Paycheck Protection Program (PPP) loans.

“This partnership provides our Customers and others in our community with a more streamlined approach to PPP 2.0 application and forgiveness process. The ACAP portal is one of the best services available for PPP loans and ACAP & The Loan Source have serviced more than 35,000 PPP loans for $4.7 billion todate,” a WSFS release stated.

In the first round of the PPP, WSFS and other financial institutions used loan officers to process the loans. It led to long hours for loan officers who often worked out of their homes.

ACAP & The Loan Source will accept, process and manage all aspects of WSFS Bank Customers’ PPP 2.0 loans. This approach provides an easy, simple and quick solution for our Customers. We continue to focus on helping both our Customers and other organizations get the funds they need through PPP 2.0 and other SBA programs created bystimuluslegislation.

WSFSwe will send instructions to all business customers and provide access to the ACAP & The Loan Source portal. We will also update our website with relevant information published by the SBA as well as publish the portal link.

Eligibility requirements, which can be found in thisProgramGuide.

Highlights

  • Borrowers must have 300 or fewer employees
  • Borrowers must demonstrate at least a 25% reduction in gross receipts in any quarter of 2020 compared to the same quarter in 2019
  • Borrower may choose the quarters for comparison but must be same quarter of2020 and 2019. Certain exceptions may be allowed for newer businesses not inoperation for all of 2019.
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