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Teslar Software by 3E of Springdale; Jill Castilla, president and CEO of Citizens Bank of Edmond; and Mark Cuban have collaborated to launch a free website that aims to simplify and streamline the Paycheck Protection Program (PPP) loan forgiveness application process.
Any PPP loan borrower can visit that website, PPP.bank, to get an estimate of the forgiveness for their PPP loans and to generate a PDF application to share with their lender.
Tesla built the website, which does not have a database in order to keep applicants’ information secure. Data that is entered will not be kept, shared, sold or archived, according to a news release.
“It’s important that we do everything we can to support Main Street’s revival after this trying time. Bankers are working to prepare for the forgiveness process, but, in the meantime, borrowers are worried and need help,” Teslar CEO and Founder Joe Ehrhardt said in the release. “The site we developed and created together is an answer to that gap. By offering business owners an easy, automated method to calculate their forgiveness status, we can help bankers and everyone else involved in rescuing America’s small business owners.”
Castilla has been invested in the PPP lending process since providing early-stage ideas to congressional leaders and the Small Business Administration.
Cuban took notice when Citizens Bank announced it was establishing an overdraft program for customers waiting on their federal stimulus funds. He threw his support behind that bank and challenged other banks to adapt similar customer-support programs.
“Our mission is to help simplify and ease access to the critical resources our national leaders provided through the CARES Act to support America’s small businesses during this difficult time,” Castilla said in the release. “PPP.bank is a practical and secure tool that is available for anyone to use to navigate the lengthy PPP forgiveness application. There are no charges and no data collection – we get nothing in return as this is simply the right thing to do.”
Cuban added, “PPP.bank allows business owners to more quickly move beyond the complicated, bureaucratic PPP forgiveness application and stay focused on what matters: keeping people employed and their doors open. Better yet, we hope it helps the Small Business Administration take the next steps to simplify their application.”