Resend Validated Field with airSlate SignNow

Resend validated field

hello everyone happy friday good afternoon thanks for joining us for today's q a session with numerated i'm cheryl cardos head of marketing and with me is our ceo dan o'malley head of professional services marionella vasquez and carrie esprinio and michael desmond from our product team as a reminder we're holding these daily sessions to support you all through a successful launch in this next round of ppp and glad to see several hundred of you here today even on a friday getting the latest thank you um fun fact for everyone this is our 18th consecutive daily webinar um so we've been working hard to get you guys as much information as possible um and as kind of a wow moment for us as we looked back on the last uh two three weeks and reminded ourselves what we've been doing and where we've been um quick public service announcement that we are going to take a break this weekend in terms of these daily q a sessions so we will not be holding them on saturday and sunday but we will be back on monday and through friday of next week every day at 3 p.m eastern it has been a really eventful week uh to say the least um we're so pleased to see um you know 120 lenders using numerated to take ppp loan applications uh and unlike this spring uh saving your internal staff really thousands and thousands of hours of work and those brutal midnight graveyard shifts uh with that self-service experience um so we we're delighted to see some customer satisfaction numbers coming back from borrowers for example working with your institutions uh and just really pleased to see the impact that this has on opening up your bank channels so that your people can do uh more value-added services than entering data into applications so all great to see we've got a lot to go over today uh we're going to hit on some program updates talk through what we're seeing in originations volumes um then move into platform updates talk about what we are providing um you know despite not having these q a sessions this weekend uh we do have a uh support escalation path for you over the weekend that we'll hit on uh and then as usual we'll open it up for live q a uh for those of you new rated we're a almost four-year-old fintech that makes originating bank products easy by using data we pull in data at each stage of origination from application to decision to closing uh to make it easy for your businesses uh to secure products from your institution and to eliminate work for your people inside your institution uh we partner with more than 130 banks and credit unions and they use numerated to stand up digital applications digital lending and digital account opening experiences including for the wonderful ppp so let's get into it and talk about what we're seeing for volume here uh after the sba opened up on tuesday of course to lenders greater than 1 billion in assets um in that time we've gone to about 12 billion in relief funds that have been accepted in applications as i noted uh so we have about 96 97 000 applications at this point that have been started on the platform 35 of those 34 000 have been submitted to lenders and lenders are now reviewing those documents about six percent of those have uh have come along with a error in the sba submission and again we're focused very intently on on helping you all validate that data and get beyond those errors we'll spend some additional time talking about it here today of course uh and then we have another 16 000 applications that have been submitted to the sba waiting for approval and another 18 000 that have in fact been approved by the sba so pretty incredible volume updates really happy to see these approvals coming in as i'm sure you all are too uh and we hope that the sba works really hard this weekend and you guys wake up every morning uh with another basket of great approvals for all these small businesses in the communities you serve uh so thank you for for all your effort this week uh and for all the feedback on the platform as we move through this process if we move to the next slide what you'll be able to see is volume by day with on the left side uh you know when community financial institutions opens and the volume that was being taken on the platform by our and by status here as it moves through the funnel so you're seeing those orange and yellow and gray bars that's what we want to see we want to see more and more of uh these loans moving through to approvals tuesday was our largest day volume wise so we almost hit 400 million an hour in loan applications which is pretty incredible to put that in context in the first round of originations back in april we were accepting applications at a rate of 250 million an hour so uh much more volume was accepted on the platform here um on tuesday uh and we had some good volume days uh you know in the remaining of the week that we you know anticipate will will continue here as you move uh through your existing customers and helping them out with these applications the next slide is going to show you um the volume of approvals that we've gotten back day over day here so um the sba was busy mid-week is what this graph shows we had a 6x spike uh from wednesday into thursday um a few a few fewer came back yesterday morning or this morning rather but still getting good approval volumes back and and hope to of course see more coming back from the sba here over at the weekend all right um that's it for program updates that we have for you hopefully this data helps you benchmark kind of where your institution is and moving through this process and is valuable to you all we know that the sba is not been releasing data here which uh makes you all a little blind in terms of understanding where you are in this program uh compared to other lenders uh so we've got a great cross-section of lenders obviously leveraging numerated for ppp um and hope this this data is helping you out we'll continue to share it let's get in a platform i am going to hand things over to my colleagues now to talk about this sounds great thank you cheryl and good afternoon everyone i'm going to talk through um some of the things that we are working on are really just one thing that we're working on around docusign errors and then in this section we're really going to kind of tell you that the things that are happening right now to make these loans easier for you and uh and some resources we have to do that so uh kind of first right off the top so we're kind of now moving into the back end of these loans we're having loans go into docusign get created borrowers as we do this we're finding things that need to be tweaked and fixed there are three things that we have found in the docusign process uh that we have addressed as of last night and i'm just gonna kind of call these out because i know some of the folks on this call have asked about them want to make sure you know that we hear them we we saw them and detected them and fixed them already yesterday um so just to punch through them quickly the white x's um that's kind of a funny one uh in the uh borrower attestation section all of the x's which you can see the edges of in the boxes where they're supposed to be checked off are white um so they're there but they're white not very helpful um we fixed that um when applicants uh added owners and then took them away uh which has not happened very frequently but did happen some those ownership those ownership information uh stayed in the docks they didn't get submitted to the sba they did stay in the docks and so uh that is now corrected and then the reference quarter was uh confusing with how it was being put in as just a number as opposed to saying like q1q2 so those were all addressed yesterday and going forward all envelopes are going to not have those issues i want to tell you what we are doing to kind of handle the documents that did get generated where you want to change them and that might not be any of them um or it might be some of them um up to you we're kind of going to give you the choice to how to handle them um first one thing i want to say is don't don't cancel these and resubmit the applications i know in the first round with us six months ago you had to do that more than you wanted you do not have to do that here by tomorrow night we're going to have automatically regenerated and resent all unsigned document packages so we're taking care of the ones that haven't been signed yet your borrowers will sign the right packages we are creating a button that's going to go in the company details page for the rest and so if you have a customer who's got a bad set of docs that you don't want them to have signed even though they already have you can push a button it will regenerate the document package and send it back out i have heard as we've been talking about this that that's going to be a really valuable feature for when the borrower makes a mistake and you catch it after it's already been approved by the sba it's signed you can now address that so this is going to be a helpful feature in a couple different ways there'll be more in our release notes and communications about how you do that one thing i'll say is if you need help resending envelopes if you've got like a chunk of them that you need to uh to resend and batch you can reach out to us we can talk about it and help you through it the last thing i'm going to note about docusign is that if you don't put a lender name and address in your bank admin configuration then you're not going to have that information in your docusign envelopes it will be blank there and so you will need to make sure to update that if you are seeing those fields as blank so those are the docusign uh issues that we have resolved uh we'll continue to push out the new envelopes as i said and more to come on the feature to let you regenerate even sign documents going forward i'm going to hand it next to kerry to give us a couple updates and to start with some of the reporting changes which we are pushing out today great thanks dan so um just wanted to highlight um i think we've hit it before but i just wanted to be clear on kind of some of the changes that we're making to the um first and second draw application report which also flows through to the subset report that onboarding report that comes out as well so we are adding a couple fields to it we are appending to the end we're going to be adding the sba decision date we're going to be adding a field for business tax id and type there's already one on there for uploaded information but if it was a new customer we don't have a designated column for that so we're adding that the very important one around sba errors so we're going to be updating with a column that has all of the sba error content that all of us have been memorized and dreaming about and constantly chasing as well as a monthly payment monthly payment amount like we covered earlier this week um this won't be an exact calculation but it's gonna be pretty arbitrary but um we're gonna fill it in so that you have something when you're doing your onboarding to use we have been working to get it out three times a day i will say this morning um that all apps report first and secondary applications report went out i believe for some of you the onboarding report may have had a hiccup we are continuing to refine it so that it will run three times a day just like the article says it will so that you have everything um in terms of what you need okay uh next slide let's talk a little bit about a request that we've been getting um which is a really good one um and it's around you know okay i've been dealing with these errors and we've been learning how to remediate these errors and just as a recap on that there's a couple different kinds and i think adam hit this yesterday or the day before so there are um submission errors where when you're first submitting from 4a you kind of go into 4a and then you get an initial submission error it doesn't pass the real-time validation checks and so you get an error message related to that um the next one is when it actually gets accepted initially to the sba but they spit it out really quickly due to a failed validation they have a lot of automated validations in place and so they'll spit it back related to that um and then the third one is when they actually have used it um the uh kind of looked at it for a couple days and then they come back with a response and it's not approved by the sba so it actually makes it to 4c but it then it it kind of comes back and it's not approved that one also kicks back to the the workflow at least we're planning to kind of have it kick back to the workflow so you'll be able to kind of handle it in all situations now as we're digging into these errors further what we're realizing is you know all the different ways to remediate so you've got roll back application which is on the top here you can roll it back to lender review potentially make some changes you may need to roll it all the way back to the application to make some changes there might be situations where it can't be fixed by rollbacks or if it makes it through approved and you actually get docs and you realize something pretty severe like the loan amount is not what you want and you actually have to make a change in e-tran or in the portal and you need to be able to do that but you still want to use numerated to for you know docs and closing and all that stuff for those of you who used us during originations we had a function where you could kind of cancel out an application or if you had done the application fully off platform you could come through the steps and when you got to 4a when you went to submit you could click a bypass feature which would not actually go you know hit the sba we'd actually allow you to put in your sba number that you already had because you already had an approved number and you could just bypass the integration jump through to docs and finish off the process so that all of your loans were all handled enumerated on platform all together so now that we've dug into these errors we have determined that there are some pretty decent use cases for this bypass functionality and so we are hard at work on making that happen we do want to do quite a bit of testing because this is um important that you make sure that you have your number and that these things are on record so we're going to need a couple days to test it but we're planning next week to have updates on that bypass functionality so you will be able to use it um in the situations that arise dan i don't know if you have any other comments or even marinella i know you guys have been getting hit with this a lot i don't know if you have any other comments on uh how to remediate errors and and this type of thing yeah i think we're i guess my overall comment is we've heard a couple different use cases for how to utilize this bypass and hey i really like how you can make the closing process easy you know can i use it for x y or z or can i fix this issue by doing a bypass um we still need to kind of finish sorting through all that it's kind of a useful feature in general uh to be able to re-dock something based on um you know getting some some information to us on what you need us to redock it's not unlike what we do with loan modifications actually for forgiveness so i think probably more coming soon as we continue to work through kind of what everybody is asking us for and how to use this feature great okay so let's uh keep moving let's talk about i put these slides together and then i forget what's coming next what's coming next uh oh yes the question um we have gotten a lot of questions about uh this one as well we have been hitting it all week um this is related to the um validation we put on the application around a thirty thousand dollar cap and um it was it was in the apa api specs um in the q a we have kind of pictures of it here about a reported employee needing a 30 000 cap we were getting the error validation in sba everyone was hitting it so we put the restriction on the application page to try to help with those validations we do have an update on this uh this is kind of late breaking information we we got um today's sba email and they did allude to the fact that they may be changing this um as we've been talking about i know michael's been talking a lot about this too you know there is nowhere in the ifr that it actually spells out this 30 000 cap we were we were all scratching our heads about it and so um we had put the validation in just to you know make sure that the errors did not get high however we were all sort of looking at this getting lots of questions telling you to reach out to your sba field office that type of thing so we may have some new news for you they said that they're going to give us an update tomorrow if in the event they are going to remove this then we will absolutely be removing it off of the validation on your applications so that people can proceed as needed and the only caveat there is you'll just want to note if there was anybody that was hitting this maximum over the last couple days when this validation was in place you may want to keep an eye on those um but we're hoping to get this cleared up i'm hoping by the weekend and get this drained out by monday so heads up on that okay a couple more updates for you so one is around entity type usage uh so a lot of the sba errors have been related to not using you know quote unquote the right tax id whether business or personal and they're you know listed out in the ifr it's a little bit confusing so we finally went with this is michael's table it's a colorful eye visual way to discern what is allowed and what is set up kind of based on entity type and so we're going to do an article on this and just kind of outline we've been using it internally a ton to make sure that we know kind of what is the acceptable tax id type that they're going to require so you've got the entity types there on the left hand side um the format is the the middle column and then the um owner type based on entity type is kind of on the right hand side michael any other comments you wanted to add in in this table here nope you got it right carrie thanks sure thing and then um related to this uh another kind of couple questions quite a few questions we've been getting um and it looks like it already came up in q a today is um some of the errors are coming saying okay that's great but first time around if everyone remembers there was a little bit of a scramble and sometimes people put in the wrong tax id type so they put in personal versus business it should have been the other one it got put into etran it's still an e-tran and now you're getting a validation even though the one that you're doing now is correct you're still getting a validation error and so you're kind of stuck which is which is tricky if you flip to the next slide the one thing we've been digging into is they published a a walkthrough of how to make tax id changes in etran this was updated last month and it walks through how you go in and you actually make changes to correct it in the system so given that they just gave this guidance that leads us to believe that um that they really do want to reconcile um and we were kind of hoping that they would just ease off on the validations this time around and just say look if it was wrong last time it'll just be wrong this time but it does look like they are you know giving guidance around how to make those changes in e-trans so that when you hit the validation again they will match and everything will be clean going forward so um this is a pdf it was sent out by the sba where i put the link to it in the bottom here but we're going to make an article and we're going to link to it in the kc so you'll just be able to search for text id changes in etran and then you can pull up this document it's like seven pages and it walks you through how to make the changes if that helps with some of your validation errors that you're getting okay i think those are all the um adjustments and highlights i wanted to do maybe let's talk about some customer support going over through the weekend dan did you want to hit that yes let me jump on off mute here and actually uh talk about it so this weekend um we're we're not going to do these q a sessions um attendance was you know substantially lower than uh for these weekday sessions over the weekend we were happy to do them because we felt like just kind of crashing into the launch it was the right thing to do this weekend we're not going to do the live q a sessions but we are going to give you ways to get support um and we're using kind of a three level model so we're working tickets all weekend we've got people staffed um nine to five and then uh for escalations even after that so please the first thing you need to do is submit a ticket because we have people arrayed against the cues coming in if you have a like business critical issue and it requires a rapid response you can send a note to success at numerated.com you do also need to submit a ticket and then we can make sure that we get eyes on it we're gonna staff a real-time support phone number uh from nine to five uh the number is here on the screen um uh we are just kind of asking you to be sensitive with that this is where you call if things are down you can't submit any apps you have large volumes of borrowers who can't authenticate your database is down right um so we would just ask you to only use this number if it's a code blue and uh and you're totally down um it feels to us like the program is fairly stable we're not gonna run out of money anytime soon obviously we want to be very responsive uh to you and your borrower's needs um but uh but would ask you use this as kind of the catastrophic phone line uh if you don't mind so that's how we're supporting you through the weekend uh we are here for you uh if you need us and uh hopefully you guys are able to take a little bit of a breath this weekend as well with that i am going to hand it over to michael to just note some key resources that we have that we've updated and then we'll move into questions thanks dan yeah and we keep cranking out uh knowledge center articles kind of the next line please you think i'd have it handy so i knew what i was gonna talk about um but so this is the most important one there's just been a huge uh herculean effort to get our hands around these errors um now that we are seeing the volume coming through the platform we're able to identify the primary errors the ones that pop up most often so we've started to triage there to figure out what lenders can do to get those fixed to get them improved and um there's been a quite a bit of effort from quite a few people to get this pulled together in a really rapid manner um and i can tell you that the answers are going to keep coming and there's still a few that we don't have good answers to but we've put a ton of time already in getting this figured out we're focused on the frequency we're also helping you understand the frequency by which you are seeing these errors in your particular platform and to the extent that we know what action needs to be taken um we've provided that information as well so there's a new knowledge center article i think that's where it exists on handling sva submission errors for first and second draw loans that thing is changing i don't know every 15 minutes every 20 minutes as we learn more about these errors so keep that one bookmarked keep an eye on it that's a place where you can find a lot of answers quickly to what you're running into okay and worth noting worth noting that um a lot of people spent a lot of hours today on this i think adam kind of turned off his his email and slack and sat for like an hour or two hours and just wrote and many other people have done the same so this is going to be different than when you looked at it last time including having like the frequency of errors like you can see what the top errors are and so um just want to call out quite how different this article is now versus yesterday thanks dan and thanks adam okay and back to the uh more traditional knowledge center discussion so uh keep cranking out articles i think i have three drafts that are on my desktop that need to get tightened up and finished here um two new ones have been posted um we're trying to take all the questions that we hear from you and and put them in a format that is digestible ways to move forward another plug for the trusted this application feature demo video that adam also put together um i think this is really useful this is a key update that we've been able to build and now we're looking on towards that bypass feature that kerry mentioned so stay tuned for that also um you know i as an aside you know there's nothing like working at a startup that can be this agile and adaptive to what customers needs are it's uh i've only been there for a little while it's really impressive to see and um impressive to watch it continue i guess and that is it for me if you want to move on to the next slide i think i know what's next the big question let's let's launch it so we can talk while it's gathering data uh michael you were going to say something oh i would just think sorry go ahead no i'm just going to is this the 18th time we've asked this question in a row 18th day oh god uh i wonder if it is we have the trend data guys we're going to show that one day it's really cool um yeah it's really cool um and and shows that life is getting better um but uh yeah can we can we put how we're feeling alongside of it how tired we are bar yeah oh man cool all right we're still getting a few more a few more votes in here um we'll see if we get any more and if not let's cut it in a second or two okay let's show it okay 84 feeling good uh that's the lowest freaking out about the program that we have seen in ever i think um and uh 10 freaking out about the platform uh would love to see that number even lower but that's what the questions are for so with that cheryl i'm going to hand it to you let's dig into some questions let's do it let's talk our favorite topic sba validation all right we got some questions here on this front sorry it's been a long week guys um we have one second draw ppp loan where we have received an error that there is a potential match to the ofac sanctions list we have cleared this on our end as a false positive however how do we remove the error in the platform so that we can resubmit the application yes and i think we actually got a couple of these um for all the errors i feel like we have a couple questions each on this um so i think um i have not actually seen this one to see what which error it is as we were saying on the earlier slide there's kind of three times types of air i would guess it's one of the ones that's not approved by the sba like it made it all the way through and then they did the check and then they said not approved um in that case um if it hadn't rolled back to the workflow because it should have kind of opened up an sba workflow item and you haven't tried to just resubmit it um i would probably try that way and then i did also take a cursed glance at the article i don't know if we have one on this one yet but we can continue to watch this and if there's any other they give us any other indications on kind of remediation on what to do we could definitely add it to the article i will say um just one more thing about the article that a lot of people spent time on today there's also the very bottom a link to the sba's list because the sva team publishes a list of api errors and we have been kind of working off of that list the errors change and update daily and so um a lot of them that i have seen and i've been trying to troubleshoot with customers i haven't seen on this list but that's what we have to work with so it's that one plus any type of remediation and tries that we do and we piece that together to come up with our article to try to help you through dealing with all of these different um items so um so yeah so i would say if you haven't resubmitted uh do it you probably already have um and you probably already have a ticket in you know we're going to try to collect these and kind of come up with the themes to identify if there's any next steps we will be publishing that out as we know them thanks for all that context carrie all right another question on a specific error error e0059 can we please go over the following error our automated routines have determined that the number of employees is likely and accurate please verify the number of employees for this business and resubmit great um yeah this one actually is on our list um it probably wasn't here when you last looked because again we just updated all this information but looks like we have a four percent frequency rate of error zero zero five nine and um there is a um remediation it says update the owners or tax id type on the application it kind of walks through like which one is allowed so i encourage you to go there take a look see if that helps at all if you're able to maybe adjust the tax id type and and see if that helps the error that you've dealt with already thank you carrie all right next question here have you heard that lenders should only be accepting ppp2 second draw loans if they originated the first ppp loan we are experiencing validation issues on these and the sba office implied we should only do second draw loans on loans we originated michael do you want to speak to this one sure cheryl thanks um you know i think this is an interesting one for a few reasons because i remember when i read the ifr for the first time that you can use the same information for your second draw alone as you did for your first reload particularly particularly that supporting documentation for payroll so if if the lender already has all that information that has already validated it they don't have to do anything to validate it the second time around so i would i would agree on the premise that it's probably fastest to work with the same lender for first and second round loans uh but that being said there were some lenders out there um who didn't get their name in the press for the right reasons especially some of the big guys during the first round and so i think some of their customers would probably like to work with the different institution during the second round so the ifr does not require it might be faster to work with the same lender but it's it's not required but i can see why that office may have implied that that is the best path thanks michael i have another one for you um in terms of first draw loans under review and checking etran on the error we just had the team check verify and all say dispersed current any on advice on how to clear the error yeah so i think there's just a nuance here and hopefully it's not just uh in the way the question was asked but the place that you want to look is in the the sba portal that was originally established for loan forgiveness which is different than e-tran dan spoke yesterday a little bit about digital transformation that's happened at sba 2 right at e-trans kind of being usurped by this new platform so you want to go into the sba portal that was new as part of the forgiveness process and look there for the errors and then to be able to um work on getting those reviews cleared there's an option in there that is request to clear holds ppp where you can as i understand it earmark alone to have the review escalated at sba thanks michael all right next question we have borrowers that use social security numbers on their first draw loan and their ein on the second draw the borrower has already had their first draw for given we know how to edit on etran but etran does not allow edits after the loan is forgiven how do we go through the situation to get their second draw submitted carrie i think you hit on this a little bit in the slides too well i tried to because i think we're all still learning on this together um i mean since that's being published that seven page doc clearly they're you know implying that that we should be able to go in and edit uh the original amount i also sorry the original tax id i also saw some questions further down and it's and i'll just highlight it because it's a really good question i said what if the first draw alone was originated with a different bank and so you don't have the ability to kind of change that tax id um i don't think you can if it's a different bank i'm not as close to that um so it is a great question i mean we continue to ask too um on these errors you know how should lenders be resolving these you know and in addition to trying to go in and edit the information in etran you know what else can help resolve these errors as we learn more we will continue to to let you know but we're asking is you know the same questions that i hope you guys are to go into your field offices you know asking them you know we need help and remediation around resolving these errors um and we'll we'll share information as we have it thanks carrie all right next question all right p.o boxes we have a couple applications that used po boxes that are rejecting at sba validation when the borrower tries to delete the po box it doesn't show it was deleted when resubmitted for review will this be corrected in the portal yeah i can take this um so first of all um we have i think as of last night solved the p.o box issue in terms of coming in so any new apps coming in um i believe we have a way to prevent po boxes dennis on our product team took that as a personal one and he ran it to the ground so he could figure it out so i think going forward we're good this one relates to one that already came through and rejected and it looks like the address is not saving or at least it's it's continuing to be there even though the bar is trying to delete it this might be a good one for a ticket i'm guessing you already put in a ticket just so we could get our eyes on it and make sure i know we are trying to clean up when you do go back and forth and change things such as like change owner numbers change things going back and forth we do have some cleanup where some of the items are persisting and it's causing issues later down the line i don't know if this is one of them um but submit a ticket if you haven't already and we're happy to take a look at it thanks carrie um let's get into here uh got a good question on workflow for you carrie for second applications not not referring to forgiveness applications but for originations for second applications to the lender denied and sba denied emails include regulation b disclosure requirements are they configurable or are we able to handle these ourselves manually yes this is a good one it's um i get very geeky and crazy about this kind of stuff but um i like this question because we are thinking about this and we really are thinking about making this change um to some of the emails so what they're talking about is um when you're doing a lender review if you for some reason determine that you can't approve this they've submitted it but but you're not going to submit it to the sba and you as a lender are going to deny it we have a setting where you hit lender denied an email goes out right now the email basically just says we're sorry you've been denied you're not eligible there's a one line and it just says you are not eligible for the pbp program as it stands today we do not have ecoa language on there we do not have any additional language on there we also do not have a place for you to put kind of customized if you wanted to write a note or any type of customized text in there one thing we are thinking about doing is adding that ecoa language on the bottom just so that it is a little bit more standard for those institutions out there who feel comfortable with email as being the you know kind of a decline okay decline method you could potentially use these emails as your decline method now i know that varies wildly across institutions so that might not cut it um and so but that is something that we are taking a look at we're trying to come up with the best language the tricky part the code language has an address in it and it's i think it's by state and so we're trying to come up with the best kind of overall language that we could potentially use to help you guys out because i definitely understand what what this is and and how it could potentially um save some time so long way of saying we're thinking about it uh if you have any ideas you know always please let us know on um thoughts around it because we always take good feedback and uh we will keep working on it thanks so much carrie all right um a couple questions on docusign first question is there a maximum submission in docusign we are receiving error messages saying we have met our maximum we think there's a limit by our dan we learned a lot about um maximizing docusign submissions in the first round do you want to take this one i am happy to and i mentioned that uh to our team to take a double look to see if anybody is hitting their caps guys from the last time around um docusign was pretty frustrating in terms of capping everybody out and we've made a bunch of changes so that you don't hit that i would be pretty surprised if anybody had to be honest thing to note you just check and make sure it's not in uat we put everybody in one common docusign account for uat and so for test purposes so it's possible it was that and that possibly could get rate capped but we'll double check we monitor rate capping now on docusign i don't think we've seen anybody um but uh but we'll double check thanks dan um well i have you uh do you want to talk a little bit about uh using docusign and resending envelopes and how that works in our platform or we'll work in our platform rather yeah i um i think the answer to that is like not right now um you know we're working on the button to let you resend we're going to create a bunch of documentation um around it uh that we'll publish when we create the feature and so instead of saying how i'm pretty sure it's gonna work right now i'd rather just wait until we launch it and then in you know in our webinar and in our communications we can talk uh more definitively about how it's actually working at that point in time great thank you dan uh let's do one more here on docusign uh with the docusign x's showing in white if they were only on our lender form 2484 and not on the borrower form 2483 is there a way to just reissue the lender portion uh i don't think so i will bring that back to the team um and you know kerry can listen in here and see if uh that's gonna end up being a possibility we we're probably just gonna regenerate the entire envelope so that you get a clean record i will note that if you wanted to just write out and sign a 2484 and have another copy if you're looking for kind of generating another copy you can just do it on your computer and upload it into the um the files for the account in our system uh upload it into the documents and then you'll have it in case you get audited on that particular loan and you won't have to reissue anything with docusign if that's what you wanted to do great thanks dan all right a couple questions here about um program updates and some recent ifrs uh so michael i'm gonna put you on the spot for a couple of these questions here um first have you received any more guidance from the sba about the five million dollar max error that is also not in the ifrs yes so we um so nothing official but we do get the benefit of working with 120 lenders out there that that run into issues like this so you know lenders are definitely escalating the issue around the 30 000 per employee loan cap and i think this one is a fast follow that is what's being escalated i think your sba field office whoever you know there however you know well they are the the folks that probably need to hear this so it can make its way back to washington uh because there is a real obvious disconnect i got to be on the phone with a client of ours yesterday and their comment was look we have cpas that read the ifrs they know these rules how can we explain to them why their clients or why our shared clients can't get loans uh to the amount that they qualify for and i completely agree with that statement that's a hard conversation to have so i think helping sba understand that from a lender's perspective is very valuable and important and i would encourage everybody to think about doing so thanks michael another one for you here someone requested a second draw but don't have a first draw can we convert that application somehow or do we have to cancel the application and have them resubmit it as a first draw loan yes so you cannot have a second draw alone without a first draw which i think the asker knows that already they realized it so if you're able to roll that application back to the client uh you know there's a drop down where they make the choice between first draw and second draw and the type of loan that they're applying for so i believe they'll be able to make that change and continue with that same application and it's also worth noting for that client in particular if they can spend all their first draw funds in let's call it eight or nine weeks if the program is still funded they potentially could still get an application in for a second draw a loan right before the program wraps up at the end of march uh the key here is that all the first draw loan funds have to be spent before the second draw loan is dispersed so a little more than you asked for there but um yeah take a look roll the application back take a look and they can use that drop down for the type of loan that they're applying for to make the change thanks michael uh next question we've gotten a couple of these questions if we can provide an update on forgiveness and the new forms that that uh came out yeah this one uh it's been especially top of mind uh i know carrie and i've talked about it for at least three days in a row here so uh you know there's something worth noting that we saw in an industry email that in one of the executive orders that came out of the new administration they requested that anything that wasn't yet published in the federal regis register be put on hold and so that includes the new forgiveness rules that came out um those came out of the 19th and we know that the new administration was um brought in on the 20th so more to come on that i'm not sure if it will be impacted or not but that was notable but we did get some news that sba's portal updates will begin next week but they won't be fully completed until the first week of february so that's when the sba portal will be completely ready so it'll be a matter of us figuring out what we can get moving on earliest based on changes to the sba portal uh but it's worth keeping in mind that it won't there won't be the option to handle all forgiveness applications based on the new format assuming it doesn't change until the later part of the first week of february at the earliest thanks michael other question we've gotten a couple times here regarding the program uh enumerated support is on the modifications to first draw loans the increases to first draw loans uh and an update there uh dan do you wanna take this one yeah i'm happy to take it i think um we are not planning nor does it feel like we actually can right now even if we wanted to uh support these modifications for first draw loads it's not clear how exactly you'd do it um it would have to be an e-tran um and uh it just doesn't feel like we have one enough clarity to do it and then two probably enough loans to where you guys are going to want to get trained up on how to do it in our platform versus just going directly into etran to do it and so i think the answer is everybody should just make their own process for doing this manually in etran for the handful of loans that you're going to have thanks dan a couple more questions here uh couple quick ones just administratively that i can take before we um move to some of the the last money questions that everyone everyone always has uh so first um are there q a sessions over the weekend and every day next week um mention this at the top of the hour definitely want to reinforce it we have done 18 consecutive daily webinars um so far we are taking a pause this weekend on saturday and sunday just given we didn't see that much volume uh in attendance last weekend but we will be back on monday so we'll be here every single day next next week monday through friday at 3 p.m but we will not be holding them this weekend uh next question we've got is uh can we get the slides from today just want to reinforce after every single one of these we uh move as fast as we can to get the recording process to get transcripts done and all that good stuff we put them on the knowledge center so all of the session recordings all of the slides all of the transcripts are all in the knowledge center uh all right um i'm gonna point the next question at dan dan when do you anticipate the funds will run out yeah i don't think i can like give you an exact date on that um but what i can say is it feels like not for a little while which is uh not a specific term but like i don't think we're in any situation like we were in the first wave um where it was clear the money was gonna run out it was just a matter of time and it was clear that it wasn't gonna be that long and it was you know couple a couple few weeks and so you know it feels like what we saw when we launched was that as everybody opened up for self-service customers that wanted loans immediately they all came in we've got applications for all of them um you know we're not seeing any other big pops um and uh again unlike the first round uh this has been a self-service experience uh which is a different kind of shape of the demand curve you know to us and kind of looking at your answers from um when we've asked you like how many more loans do you think you'll do besides what we have applications for um we're hearing about twice as many if that's the case i think we will just barely use up the funding in the program um but it's not coming again it's not coming in fast right now it's coming in kind of at a moderate pace you know at some point in time maybe over the weekend we'll try to run some projections and say like okay a current application volume um tapering over time like how long is it going to be and we might have a more precise answer for you then but if i had to guess right now i'd say three or four more weeks and maybe more than that okay uh as long as i'm talking i'm going to say just one more thing sure can i take the last minute or two to just make some high level comments is that okay go for it dan okay thank you um you know i got i we've been so busy this week i have not done a great job uh kind of talking to our whole team internally about like how this is all going and so um finally had a chance to do that uh a little earlier today with our team um and i just wanted to share some thoughts with you guys you know how are we doing as a program as uh you know as a community here together working through this program um you know there have been some bumps and bruises for sure uh this has not been perfect we've made mistakes you guys have made mistakes the sba's made mistakes um but i think there's a couple things i'd like to call out to really end this meeting on a high note and maybe go go into the weekend here feeling good um one is the speed at which this happened and it's just been incredible um you know the amount of money that has gone out the door this quickly this program has been live for most of you for five days just the speed has been awesome and then kind of how it has worked for everybody for your people and i'll talk about your customers next has been just a fraction of the work from the first time around and yes we've had all grit our teeth over you know docusign questions and getting files uploaded but man it is like so much better than last time you know um we've had we have partners who had literally thousands of people taking applications the first time around um and we're not doing that anymore and so i think the experience for your people from what we're hearing has been has been good compared to last time the thing that i think is even better than that um we had and this is really the high note i think we are going to publish some of this data next week but we had one of our customers let us know that they have been doing survey data and asking their customers like how has this been how did it go um and uh this is amazing so when they asked their customers was it easy was this easy and ppp let's face it it's not an easy program it's complicated it's hard when they asked if it was easy over 90 of their borrowers said that they strongly agree that it was easy and that like floored me i shared that with our team to deal with all this complexity and difficulty and speed and then have the borrowers at the end of the day say it was easy that's special and so i hope you guys feel good about all the work that you put into it you know we're keeping our heads down and continuing to work but trying to feel good here along the way that the people who matter most here your customers these businesses who need capital they're telling us it's easy and so thank you for partnering with us to help them and with that cheryl i'll hand it back to you to close this out i think that was a beautiful closing i'm going to leave it there thank you everyone so much uh again we're back on monday for at 3 p.m and this weekend uh we've got a staffed escalation team for support so we're still here for you thank you everyone awesome week thanks for all your hard work helping these small businesses i'm really looking forward to going into the weekend of next week thanks all you