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hello everyone and good afternoon thanks for joining us for today's q a session with numerated i'm sheryl cardos head of marketing and with me today is our ceo dan o'malley carrie espino and michael desmond from our product team and marianella vasquez who leads our implementations we want to thank you for your partnership over the last week uh you know we were able to get our community financial institutions as well as lenders below 1 billion in assets live and launched and submitting applications to the sba and then of course today the sba has opened their door to larger lenders as well so as a reminder we're holding these daily sessions to help support your institution through lunch and we'll be here every day this week at 3 pm eastern we've also been hosting live zoom sessions and so keep an eyes on your email we send updates typically every morning when we're able to do that for you we had some great sessions from noon to 3 p.m this afternoon with lenders and and hope to be able to do more of this uh going forward so here's what we're going to overview today first we're going to give you some updates on the overall program um then we are going to dig in on some platform updates hit on some issues that we're tracking as well as some enhancements that we have coming down the line get into new knowledge center resources and then of course open it up for a live q a and get through as many questions as we can here today from all of you we do have a number of new uh institutions on the line numerator is still accepting uh new lenders to automate this next round so for those who are new we are a almost four-year-old fintech that makes originating bank products easy by using data the platform pulls in data at each stage of origination from application to decisioning to closing to offer convenience to businesses and to eliminate manual work for your institution we partner with more than 130 banks and credit unions in doing doing this and they use the numerated platform to stand up digital applications digital lending and account opening experiences for all their business banking products including of course these paycheck protection program loans where lenders are really turning to numerated to maximize automation and create the best borrowing experience and simplest borrowing experience they can uh for businesses all right let's get into some program updates let's talk about what we are seeing right now with originations uh we have seen a number of new lenders come online on the platform today uh and are pushing a lot of volume um so we have uh almost 120 lenders now taking applications uh almost 60 000 applications totaling over 6 billion in relief funds earlier today we were seeing applications being taken at a rate of 325 million an hour so lots of volume being pushed through the system and of course now with many more lenders able to actually submit those applications beyond the lender review stage to the sba for a decision we're still seeing the vast majority of loans uh being taken through the self-service interface of the portal which is great um also great if you as an institution are taking a banker-led approach out of the gates we certainly have a number of lenders that are doing that as well um but we're just really pleased to see the application working so well for borrowers on a self-service basis as this obviously saves a lot of bank channels um from getting inundated with calls and and questions from customers looking to secure one of these loans from your institution uh the vast majority uh nine out of ten are for second draw loans i don't think this is a surprise to anyone here particularly those who have been doing originations for this program since april and as of this morning we had over 30 lenders with loan approvals back from the sba and so again we are expecting that those numbers of approved applications will go up quite dramatically here over the course of the next few days which leads us to our next slide um which walks through sort of where all this application volume is in terms of the funnel and taking applications from your borrower and moving them through the process reviewing them as an institution submitting them to the sba going through counter sign and so on and so forth so dan is actually going to walk through this and he's actually going to open up i believe uh a dashboard that we use here um internally and he's going to kind of show you open up the hood and show you what we look at as we're monitoring what's happening in this program across lenders yeah absolutely so thank you cheryl and good afternoon everyone um i'm gonna switch my screen here if i can get go to webinar to uh behave so i'll blow this up so guys i just wanted to give you a little like sense for what we are tracking on your behalf and show you how when we look at this chart what we see so this is um two things we look at this is the app count by hour that the application started and then the status for where it is and so we can track every application and kind of where it sits so let me walk you through what all this stuff is so red up top is an application being in supporting documents or saved so an application first comes in it's sitting in one of these two states we don't want applications to sit in one of the these two states and i'm going to blow this up so everybody actually i'm just going to keep it like it is now we don't want them to sit in one of these two states because it needs to get submitted fully by the borrower and then into lender review which is this category here so a lot slash almost most of these applications are sitting in lender review but we're also seeing if you go back in time and look at some of these older applications that we're seeing many slash most start to sit in sba processing this is what we want we want you to be getting loans successfully to the sba if i look here at sba error these are the ones that have failed api submissions so i know when you're thinking about how many what percentage you're getting through you're probably frustrated as we all are we're seeing the approval rate bounce between 50 and about 75 percent today if you look at the percentage of your applications though um you are actually getting the large majority of them through the the number of loans sitting in this error state is actually modest compared to the number sitting in sba processing now what we're eventually going to want to see is those loans go out of the sba and go into e-sign of documents closing review and then fund it all the way at the bottom and very few loans have been funded at this point in time but more and more will be just to also give you a little confidence the um the screen up top here and i know it's probably a little bit too small for everybody to see but my screen up top is actually the sba submissions by hour for everybody and we've got like five people watching this so that if there are new sources of errors or a fair spike that we detect it right away so i just wanted to give you guys a little bit of sense for what the uh the dashboards are we're looking at so that you can have confidence that we've got this and you know these sba errors are going to be issues but we're triaging them literally every minute to try to make sure we get through it so with that victoria i'll hand it back to you to share your screen again and i will uh get ready to jump us into the next section and talk about some updates and what we are working on so um i'm going to ask marianella who many of you know to kind of walk us through the issues we're tracking kind of the four big things that we are watching that you guys have been telling us about and that we are working on today yeah sure dan happy to do that um yes so api errors everyone is is starting to see as as the volume has upticked today you are all starting to see um some responses um some great responses but definitely some errors um there are some that we are aware of uh that we are going back and forth uh with the sba on we do have a call with the vendor this afternoon um so hopefully we'll have a lot more information um but we're splitting those up into some some buckets internally here ones where again we're getting really large volumes of the same error some of you may have seen an entity type error come through this morning um we're working on those we're going to work with the vendor we'll get a fix in um you know as soon as we understand what the issue is we'll get the fixes in we're getting those fixes in as as quickly as we can um you are going to see some issues there are also some common issues coming through for first draw loans we're also researching into those um but the key thing on those i will we'll sort of ask of folks uh you know they'll be very helpful from a support perspective is if you are seeing specifics around reference periods or different uh factors on the application loan amounts ssns coming back some of the more ticky tacky specific errors if you could go and just validate those data points if it looks like it's a valid uh disconnect between the application and what the sba has obviously you have the ability to roll the applications back make corrections um if not uh just let us you know provide that that level of detail in the tickets as you're reporting these because that'll help us go back um in triage uh with the vendor and in the code to make sure that we're getting the right solutions in place um so continue to report those um again we'll bucket large ones and we'll communicate against those uh the products team has put a great um in our kc team have a great knowledge center article out there uh that will be updating with ones that become sort of common um and giving you guys direction on on how to deal with those errors in the platform um so again keep them coming um we'll continue to share information as we get it and we'll continue to get fixes out as quickly as possible on those um disappearing apps uh a lot of you have been getting calls from borrowers who are coming into the self-service portal um after having saved an application um so they're coming in for a second time uh to wrap up their application um and they're being pointed to a past application from the first wave of ppp um it is an issue we are working on a fix and expecting to have a fix tonight but again also um there is a workaround for this is the good news um the workaround for this is if you get a call from a borrower you can go directly into um the company details page if you pull up the company details page and in the company people details not the application people details but the company people details um there is not an ssn you can use the edit functionality in the company people details and add the ssn in this will then clear this for the borrower so that they can go ahead and continue with the application again it is a workaround we are working through this today hoping to have a fix out uh tonight um so keep an eye on the release notes for for that fix um and confirmation that we get it that we're able to get it in tonight um the next one is again you're probably getting calls uh for if you chose to uh not use ssn as an authentication point um and use either just just use two factors or uh switch ssn out with dda uh folks are having issue folks who did not update ssn um for particular bars those particular bars are having an issue logging into the platform it's the same work around for now um going into the company details page updating ssn for the company people associated with the company not the application again can't stress that enough you want to update ssn on the company people um and that will unblock this as well um and again you know again working towards a fix tonight uh but keep an eye on the release notes um and the very last issue is just to jump in for one second on that because i know i was talking to somebody on the phone with us earlier um so some i've heard hey this this like stopped working for me we were using dda for login everything was great and now my borrowers can't uh can't get in um i think you were telling me that it's if you uploaded ssn for some of your borrowers um but you didn't want to use ssn to log in across the board the borrowers with that sound are fine and that's why it might be working great uh for some or most of your borrowers where you got it it's just the ones who don't have ssn where there's a problem is that right that's right dan and actually just just to kind of add for that all the folks who uh you know used us for forgiveness um and did a loan import or who did a loan import before loading company and people um separately uh would not you know any anyone on any of those loan import loads would be good to go uh because they you know if they did an application with us already we'd have social or if you up the up to uploaded social through um the loan report you would be good to go and i think what we're seeing this morning is just that right we're starting to have the uptake of folks um a vibrato audience logging in um and so anywhere where an ssn wasn't populated uh it is now we're starting to see higher volumes of this all right and then the last issue we are tracking here uh is borrowers who are in a uh supporting document state um and hit the back button and are getting an error message we are aware um engineering is working through the fix um and again also another one we're hoping to have out tonight um again please continue to reach out to support uh we're happy to sort of help folks get through all of these issues um but also keep an eye out on our release notes to make sure uh you can contract which uh fixes make it into the release um and again we're releasing this as frequently as we can uh to keep up with with the issues that we're we're resolving awesome thanks marionello for walking through that um and guys we've been obviously uh super open and transparent with you this whole process uh we're gonna be super open and transparent on as we're turning off bugs and issues just what they are when we're fixing them so that you can you manage your customers through it we're also trying to be ultra responsive on this stuff and as mary knowles said we're pushing a bunch of things tonight and so uh we know questions are going to come up we know issues are going to come up uh we just jump on them as fast as we possibly can in all of this and that's what we'll continue doing great um well why don't we move on we want to just double click a little bit on these api issues because they're going to be the just the dominant thing we talk about all week and uh and something that you know it's not it's not really within our control how the sba does these validations but as we understand them we can make changes that help you get through them and so uh you know we keep hearing directly from the sba and i think i think uh mnuchin and others uh in the government have come out and said this that they're trying to enforce data quality on the front end so that fraud and issues happen less as loans go through the system and so that's the reason uh why they are pushing so much on data quality i'm going to hand it over to my colleague carrie if she is here and ready to rock and roll to start talking through this next slide talk through kind of the errors that we are seeing what we are doing and then talk about uh some additional platform improvements after that i am here dan um i'm here i'm ready to talk and apparently according to comments we've all had way too many cups of coffee so i'm gonna try to talk slow but i i won't because i talk fast um so let's talk validations okay um submission errors so um as we've been talking about we are going to be handling this um we are kind of constantly we have kind of couple people constantly looking at the different validations we have a team that is researching them we as a team that is updating spreadsheets to kind of share that information what we're trying to do is to consolidate all the information onto the casey article around sba errors we've been plugging that for the last couple days um here on the call um we're actually improving that page if you haven't seen it updated recently we're going to add a couple columns to it we're going to add some time stamps and then we're going to have a resource just sit on it and every hour just sort of continually update it and make sure that that page is the go-to resource for you for the submission errors so hopefully that will help we are trying to kind of get that communication out it is tricky though because um they do keep adjusting it um i think one came up i'm just going to use it as an example there's one that people are getting about non-profits so they put in as a non-profit you on the application page say that your owners are none we submit it in the way that the sba has asked us to submit it now they have asked us three different ways and we're using the last way they told us and we're still getting an error and so we are actively working with them to um to try to identify what is the best way to submit it so that's just a quick example um okay let's try the next slide here okay data upload so this is really important um and dan i know you've been really close to this we have been really working with our our financial institutions to make sure that they are really clear on uploading their data it's one of the secret sauces of our platform um because being able to pre-fill those applications helps make sure that that fingering doesn't happen and that we are trying to get as clear as possible um everything submitted to the sba to hopefully reduce those errors so just to recap we you know we had that loan import file that we've had since around since the summer for forgiveness we did add company upload we added person upload um and then we've been adding improvements to it so being able to allow the multiple person company associations and additional improvements that a lot of you have been helping us add and improve upon so dan i don't know if you have any other anecdotes i know you have been sort of in the in the hot seat along with a lot of other numerators on this process over the weekend yeah we worked all weekend guys to help essentially all of you get good data into the platform it is really just worth backing up for a second and saying why did we push so hard on this why do we create a new way to help you get data and um it's because we knew that the sba was going to push on data quality in this round and we knew it was going to be extremely difficult to get loans through without some tools to help you clean your data and you know you just think about and we had a number of lenders pretty much all of our lenders in way one given how fast they moved did most of their loans with us um but then they also at some level they did directly into the into etran those loans were a mess you heard about it from all of you you had to clean all of the ones that were done off our platform up before you could do forgiveness on them with us and so we are trying to help make it easier for you we know that your core data can be a mess we're trying to detect how to clean it up for you with our validation api and so this is what our platform does it cleans up your data so you can use it and uh i know it probably seemed like a good bit of work to get your data in the platform uh over the last few days in such a compressed period of time this is why we're helping you do it so that you can get loans through clean excellent okay let's see what else uh we have to update today okay let's talk a little bit about um some application uh enhancements you may have noticed on the um on the system when you were in there today wanted to just call these out these are all um outlined in our release notes um that are available on the knowledge center but thought some pictures and some big red circles might help too as you guys are are kind of looking through it so change number one um for the second draw applications um we got a lot of um decent feedback around hey you know when we are you know giving the opportunity that the ifr states that if you do do a second draw loan with the same institution and you use the same time period as 2019 you don't need to submit additional docs and the lender review portion is a little bit lighter as well and so we received some feedback hey could you make that more apparent to the to the people who are reviewing this as a credit admin we need to know a little bit more about you know what this what this data is the average monthly payroll amount is this the old 2019 number is this new what's going on so what we did is we added a question right under average monthly payroll this is for um second draw only and we ask has anything changed in the way you're calculating your average monthly payroll um so payroll documents time period eligible payroll costs if there's you know if they click no there is nothing different then that should help you during your view and again as a lender you can decide you know the level of review you want to do but it does give you that little extra piece of intel and then on the company details profile page which is on the left hand side there in the application details page if it's a second draw loan and if it's applicable we're going to add a couple more average monthly payroll pieces of information so for example that first one is going to be the number that people put in so they typed in 400 000. if in you had done a first draw on our platform we may have that information previously and so we're going to pre-pop with it and we can put it in this field as well so you'll also be able to look and see if it has changed from the one that they did originally and the final piece is just the answer to that question so if they say yes or no we have um change the way that we're calculating it you'll have that answer very apparent to you on the the details page okay so that's one of the changes let's hit another one um on the next page this is around gross receipts so we're still on second draw this is around the ifr guidance for loans under 150 000. lots of feedback on this uh we did a poll question around this um technically speaking if the loan is under 150 they do not i should say 150 unless i'm trying to train myself to say it accurately um then they do not have to provide the gross receipt information until uh forgiveness that's kind of the technical demonstration of it now we did hear from a lot of you and you do want to try to you know if they want to provide the information now they should do it and so we wanted to try to keep it on here but we've added a question and that's on the right hand side here saying for loans of 150 or less you're not required until forgiveness to provide this would you like to provide it now so we just give them and we will only pop this question if the loan amount is under 150 if it's over it will hide and it will be completely fine and then same as the previous one on the left hand side we've made that apparent on the cd page and at the top there we've added that question so you can see yes we you know they've they've said yes i want to provide the gross receipts now and then they've actually filled out that information let's go to the next slide and i'm going to invite michael to kind of add some additional color on kind of what the the reference periods are and and how they work um as it relates to the ifr yeah thanks kerry um you know this table sums up really well and i would you know i pause and kind of say that i will we should give credit to sba because they really thought this through they thought through all the possible situations that borrowers would be in when trying to demonstrate a revenue reduction um so they had the time to do that they did it well they also put it in the application instructions towards the last page of the 2483 sd so credit to them for doing it doing it properly giving an opportunity for every borrower to be able to demonstrate this revenue reduction so it's relatively straightforward when you read it um especially if you know your situation for example when your business began and then for us um we talked about this over the weekend on webinars you know this is a relatively complex validation and so we wanted to get it right um i believe we did a good job of that and so a borrower will have to after they input when their business operations begin the options for when they can choose their reference period and their 2020 period to show the revenue decline they'll be limited by what they can do based on the requirements within the ifr and again i think sba spells found it out really well and we were able to build code around that to make it effective should be really beneficial in reducing errors for your borrowers especially versus something like you know paper application where they could just write something in there um so pretty pretty happy about this um i think good work went into it and this will be in our in the knowledge center if it's not there already so you can look forward to an article about revenue reduction in general and how it relates to second draw loads can i have the next slide please too i think that one's mine as well it is so this is a new one i mean this may surprise some folks so not in the ifr but in the requirements of the api um the loan amount cannot be more than thirty thousand dollars per reported employee including the any idle refinance in a first draw alone so i kind of tech tagging along with dan's comments right there was um you know some thoughts about errors omissions fraud you know there were some there were some problems in the first few rounds which i think everyone read the press around so that is being validated more effectively and more deeply also there's better controls built into the api to be able to get loans to minimize the opportunities for mistakes errors and fraud and i think this is another one of them so thirty thousand dollars per reported employee if you think about that magic number eight thousand three hundred and thirty three dollars a month which is the monthly payroll for a one hundred thousand dollar salary times three point five times it comes into just under thirty thousand dollars um at a three and a half times multiple and less than that two and a half times so this is a good thing but be aware that it's out there and it only exists in the api it's not referenced anywhere in the ifr so that's a disconnect that is worth calling out and that's it for me i don't know who's next i think um we're good through kind of our updates on the application let's talk resources which i think is the next slide oh nope things we're working on because we are still working on asthma some pieces so let me just um because i know there are probably people on this phone that are still waiting for things to get updated in the system so i wanted to highlight a couple of them first of all um the ppp first and second draw applications report um is now uh hitting in your prod systems three times a day um some people said you know we're getting it twice uh three times a day and the second report is actually the onboarding report so it's the exact same report um except it has a subset of um applications and we are updating that onboarding report right now it has all um apps in closing review and closed um so two app states and we actually are updating that so it's just the ones that are ready for closing which is the the purpose of that report just to have kind of that subset so you have all the ones that are kind of on cue and ready to be onboarded into your core system um the other thing that we're doing is we are as promised adding fields um we've gotten requests for well first of all the ach information if you did choose the funds for disbursement form type to add the wire instructions and ach instructions to a different bank i believe that one went in last night but we were also additionally adding some new ones we've been asked for some comments fields and most importantly one thing we're going to add to this report is all these sba validations and all these sba errors come with all these comments and we're going to be adding that to this report so we'll have a field where you'll be able to filter and sort by these um kind of error messages that are coming back they are decent they're long and um they're a little bit tricky but we want to make sure we're putting them in a report for you to see them so we are making those changes and we will continue to make changes to this report appending to the end um as we go along a couple other things we're doing um i think there are some people waiting on the supporting documents bucket um folders that you have there was a request for an other bucket just in case you needed it we are working on that as well as all supporting document language overall um you know for this program it's a little bit tricky because we wanted to make sure that we had as much um you know content and folders available so if you wanted a lot of documentation from your borrowers you could that being said not all of it is required and so we are still working to get that language right so people don't get nervous that they're you know required to submit something that they don't need to um but also that there's enough hooks on there so that if you are really trying to get that documentation it still says you know please submit this documentation so we're working on that as well and i think we um now are going gonna get into key resources um we've got some new ones for you um if you've you know just joining us from over the weekend we have a ton of new content probably everything on this page is new um but as of yesterday we have four new ones um we have of course our release notes so we have our ones from um last night that includes both production code as well as config changes we also have a um new article written um by our very own michael desmond one week on the job wrote a great article on good standing um and kind of active status and if you're um you have new customer um loans coming in and you're having applications come in using our lexisnexis lookup kind of walk through what you could use there we have a new article on app states this has been popular in the past it is just a table with every single app state by number and description so you can kind of go through that and see the different app states that will help when you're looking at your reports and then how to withdraw and cancel an app in the event that you need to and then of course we've been focused on all our data validations one that second bullet there is our error messages one that we're gonna again keep somebody on and make sure it's updated multiple times a day as well as all of our data upload resources okay it's a time to ask how people are feeling you got it let's do it for a while cheryl you get to you get to ramble today well it takes us 20 seconds to gather everyone's vote oh boy okay uh first i'll just highlight the question how confident are you feeling about the program we let you answer this a couple different ways we're feeling good we're freaking out about the program moving so fast we're freaking out because we don't know what to do on the platform we have been asking this question geez almost a week now i think um and uh we are hoping we get we break records obviously and that you're all feeling very good and the vast majority of they're feeling very good i think the highest we've had this at was maybe was it 76 or 78 on saturday i think or maybe it was sunday we're feeling good but obviously that was a subset i think we only had two or three hundred people on the line um whereas today we're we're up close to a thousand so that's my uh stubbing for time explaining what we've done previously we've also now been discussing food during these during these quick polls as we allow it to come in so i think tortilla soup was one of the last ones we discussed um yeah all right let's cut it all right people are feeling people are feeling pretty good it's good good that we have that up up above 70 so this is you know pretty in line and what's really nice to see here is that folks are freaking out a lot less we're in the single digits now for people freaking out about not knowing what to do in the platform so very glad thank you all for joining these sessions every day this is obviously a big piece to our training so many lenders at the same time in such a rapid period of change uh where information is moving really quickly here from the sba uh so awesome to see this guys thank you for sharing and guys looking at this data too i just want to before we jump into q a uh all right i just wanted to zoom out for a second um we froze in here on the screen so what's going on lovely can anybody hear me okay i think we're gonna say a few words here before we dove into q a yes and can you hear me okay yes dan if you are talking you're on mute so we were on pace earlier i remember noticing to i think we were seeing like 75 applications a minute when the day started off i'm just giving dad a pause here because i think we are getting him back online i think so too hello everyone it looks like we may be having some technical difficulties on our side here um give us a second it appears we have all been muted and only some of us can be heard um so just give us a second here apologies can everybody hear me now michael i think you were coming through before can you hear me okay we can hear you yep we sure can okay uh now is the time where we wisecrack about how uh go to webinar is just about as reliable as the sba's api um great all right with wisecracks aside i just wanted to zoom us out for a second um in the midst of all the craziness and the validation errors um to just like give a little perspective so people talk about digital transformation and banking and most of the people who talk about it don't really know what life is like in the trenches if you want to like look at what digital transformation is like in banking for real you need to look at today like the group of lenders on this phone call today are doing 300 million dollars an hour in digital ending this morning just a data point for one specific customer of ours our customer took 3 000 applications this morning without any of their bankers having to do a thing other than get appreciative emails from their customers for nearly everybody on this call your customers are applying on mass for a complicated commercial loan by themselves digitally and that has never happened before right we've seen some level of digitization of consumer lending it's never happened to business funding and it's happening today today i think we will all look back as the single most important moment of digital transformation in banking's history the world has changed guys and everybody on this call are the ones who made it happen so i hope everybody's proud of what they've done in the midst of all this frustration as hard as it seems we are all going to remember this day and with that let's all take breath psych yourselves up you deserve it and let's do some questions let's do it we may have lost cheryl um but uh we can absolutely start hitting some questions cool you do have a lot of those why don't i pull up the questions carrie and ask you okay well i you know the first one i teed up for you the first two but i can answer them too we'll ask each other that'll be great let's do it let's do it uh so the first one is i wanted to hit some sba error validations questions um so lots of questions around the sba loan numbers are 10 digits um eight digits a dash and two more digits so just walk us through exactly um you know how to enter the loan numbers yes so we have been taking them as just 10 digit numbers with no dashes um we're hearing that there were some um there was some questions about whether there should be a dash we don't believe so i know we're we're looking at an email that one of you guys forwarded us uh from the sba about it if i wouldn't be surprised if all of a sudden they just decided that they want to put in a dash sure um and uh if that is something that needs to happen we would look to do it on mass for the platform we are not ceiling seeing all of our submissions fail for not having a dash uh we are talking with the sba i believe later on today uh to talk again about these validations um and if we need to make a move we're gonna make a move make sense okay um next question when submitting to the sba and the validation fails is it best to change status to roll back to previous step yes so when you go to submit to the sba and the validation fails it depends what you need to do next um we have been giving people the message of you know listen if it looks like the the reason for the failure is wrong you might be able to resubmit it in an hour or tomorrow and it's going to go through we are seeing frankly a lot of that but there are issues that you could be hitting in failures uh that you need to go off and work we are definitely seeing plenty of uh failures for good reasons and so you just need to take a look sometimes it's um the application needing to be edited and if so yes you should roll it back and then go edit it and work with the borrower sometimes it's we're getting a lot of the you know ein type mismatch or ein mismatch sometimes you gotta go and take a look at like you know oh no should this really have been an ssn instead of an ein um so you do need to take a look at the error take a look at the information in the application sometimes you're going to need to log into the sba system and see what the data says there make sure it's correct and then work with the borrower to change the application and resubmit so there's no like one answer to these validation fails agreed all right is it your turn to ask me some questions i think so let me jump in um my non-profit submissions carrier having errors when validating to go to the next step sending to the sba yes so we believe this is the known issue we have been watching um for at least a day and what it has to do with is um you on the application put none for owners which is what you should do and then when it gets submitted to the sba somehow the way it is validating is not um it's not working and it's creating an error now they have changed the way they want us to handle these kind of owners with less than 20 percent three times i believe in the last week or so and so we believe we're doing it right um but we're going to continue to work on it so and this is one that's actually highlighted it is in the um casey article around sba errors we've marked it as a known issue and um as we get updates we will update the article and we will continue to you know give you there at the bottom there's a bunch that kind of have been resolved and it'll say something like um you know all set go ahead to resubmit um and try again which is probably going to be the the one here because you've filled out the application correctly it's really just on the submit that's having the issue okay uh i'll move to the next one here is enumerated or sba requiring ppp loan amounts to be rounded to the nearest hundreds applications are being submitted by borrowers to the decimal sense yes they are um this is a good another kind of good one we have asked we have received no guidance kind of on exactly what the best way to submit is we have been i will just say though we have been receiving approvals on loan amounts including pennies so so we do believe that they are taking decimals but that doesn't mean that rounding will not still get us into trouble um and i think there's actually a couple questions that have been submitted around rounding so um we did the same thing around forgiveness we we got to the bottom of it and we we got it fleshed out but right now i think this is one that we're just continuing to take a look at great um there's another quick question on rounding issues here that i'm just gonna maybe paraphrase and then answer someone's basically asking um uh if that asking about the rounding issue from the first round um and things being 50 cents off versus uh in their core versus what the sba has on record these are showing up and a validations report is not matching do we need to go to the sba to fix these or can we update our data enumerated to match the sba i will tell you just update your data and get ready to match the sba that's going to be the easiest way to get things through to the sba they want your data that you're submitting to match their data and so that will be the easiest way let's jump into some idle questions and michael i'm going to direct some of these at you how do we know the idle amount when we are verifying the loan calculations during our lender review if the borrower hasn't yet applied for forgiveness yeah this is a good this is a good question so keep in mind that uh eid l titles can only be refinanced with first draw loans so you won't see it anywhere in a second draw a loan application if you are looking at one that is the first job application in the application details section of the company details profile page in your kind of standard lender view you will see the answers to these questions yes if they want to refinance the eidl the amount of the idle and then also the sba eidl loan number okay great uh next question is an idle addendum required per the loan application does the lender collect this from the borrower yeah this is a this is another good one so that was part of the original ifr um and just for context um i know i know the idle pain is real i happen to be sitting in a banker seat uh during the first round of blending and i know that that was a really difficult part of the process so i can appreciate these questions so if a borrower would like to refinance their idol and they received it prior to the launch of ppp which was april 3rd of last year um i know it seems like a decade ago they can choose to do so in the application there's a yes no question if they choose yes that they would like to refinance their idol and it's only for eligible idols again those that came about before april 3rd of last year they can choose yes and then they'll be able to input both the idle number and the loan amount and that loan amount to be refinanced will be added to the total ppp loan and again only for first draw okay this next one is a long one and so i'm going to ask it really fast if an entity proactively reduced their first draw loan amount in anticipation of receiving the idle grant funds and then may or may not have received in both scenarios and this time for the second draw they would like to apply for the full amount they are eligible to receive would this be acceptable to have a higher second draw amount or would it need to be a first draw loan modification or are they hard capped at the loan amount of the first draw when it was funded yeah this is a good question so the short answer is no the second draw alone does not have to be equal to or less than the first draw alone it can be more and i point to just a few things to sort of emphasize that one is second draw loans can be three and a half times average monthly payroll for certain industries additionally um now you can use 2019 and or 2020 payroll data so if you have a first draw loan from previous rounds and you want to get a second draw now you can actually use payroll from 2020 which wasn't the case before and that may have more payroll more eligible payroll to be used towards the loan amount so it is not capped i would throw in there though that um in a situation where the borrower would have qualified more and they didn't get idle funds they actually can increase their first round loan as well which may be applicable for borrowers who maybe don't qualify for a second round loan or would actually like to maximize their first draw and still get a second draw later in the program after they've used all their first drop phones okay great um all right everybody i'm going to hand the questions back over to cheryl she's back her computer burped i think is the technical term guys it takes a lot to throw us off our game here uh one time cheryl's son who's young came in and got sick all over the room when we were on one of these uh one of these presentations nothing can knock us off our game we will get through it and no one knew and no one knew now you do because i told you the story so back to you yes i was gonna say until now dan until now now everyone knows but uh yes luckily it was at the end of the webinar uh not the beginning all right let's get into some more of your questions um we've got some questions here about the application itself so let's run through these we have people submitting second draw loan applications without entering any 2019 and 2020 revenue information for the 25 reduction calculation shouldn't the program require an input and if there isn't a 25 decrease not allowing the load to be submitted at all yeah this is a good question and i think the revenue reduction question is going to be really relevant throughout the week as people get into second draw applications so there is uh for borrowers with loans of 150 000 and less they do not have to input revenue information at the time of origination nor do they have to provide documents they do have to do so uh as part of the forgiveness process or when sba requests it so they do certify every applicant on a second draw loan that they experience the 25 revenue reduction but the supporting information and the details are only required for loans above 150 000 and so i want to i'm going to take this to answer a future question sorry cheryl i'm jumping ahead a little bit but there's some questions about suppressing the revenue question because banks would like to collect this information regardless of the borrower size on the front end and so i'm going to climb on the soapbox for not very long so bear with me the ifr is very explicit in stating that this isn't required for loans under 150 000 i think that i would encourage my borrowers to include this information now because it'll make forgiveness that much easier in the future but i think requiring it for all borrowers now would be a good conversation to have with the fair lending officers at your institution the ifr seems to suggest a belief that smaller borrowers may not have this information available on a quarterly basis and additionally doesn't have their tax returns filed yet for 2020 making it difficult for them to provide supporting documentation to go along with answering this question and so again to sbs credit they were thoughtful in putting together the ifr to make sure this program was accessible to small businesses so i completely understand the desire to get this information now but i would encourage you to have a conversation with your fair landing officer about the the best approach for you and our app does follow the sba application all right i'm off soapbox thanks thank you michael all right next question here when will the application accept newer companies that started between the fourth quarter of 2019 and february 15th 2020. yeah i can take that um you should be able to enter those in now where you would put it is the um when you're filling out the application the only question they ask about the start date is the date the business was established and you have to put in the date and then the check that the api does is just make sure that it was the date is prior to february 15 2020. um so you should be able to do that now if you are having any troubles with that um feel free to submit a ticket we can we can definitely take a look at it but um that is working as designed today beautiful thank you carrie all right we've got a question that is uh specific to customers that are not in the 72 makes code as for the 30 000 if the customer isn't in the 72 nakes code or next code starting with 72 shouldn't be a 100 000 be divided by 2.5 yeah so somebody was checking the math when i talked about this earlier right so the validation is uh to remind everyone the in in the sba portal through the api is 30 000 per reported employee and so yes on a 2.5 times 8 333 the loan amount would be less than 30 000. it's actually slightly less than 3.5 times as well um but i think that they wanted to keep this validation simple they being the folks behind the sba platform and so they wanted to limit the excess loan amount risk but probably not honed into an exact perfect number so they set it at 30 000 uh and decided to go from there so there's there's a tiny bit of risk of excess loan amount but it's much less than it was previously thanks michael for clarifying that all right we got a question a couple questions here on um the e-sign document package and workflow for the disbursement form can we use it but set it up so that if the proceeds are dispersed to our bank's ddas only carrie you've hit on this uh before and i know it made folks very happy so would love to throw this question your way yeah absolutely so um standard in the platform if you don't change anything the way the funds disbursement form is set up is that it highlights the bank's dda information at the top we are we are keeping uh one question on there that says i don't have a um kind of your bank bank account um but we hope that they do focus on that first option um because we you know just may want to make sure that you're they do have that option just in case on the flip side if you do want to offer it to um ach instructions or wires instructions to an account outside of your organization you have to go in there's an article on it it's called funds disbursement form you go into your config admin as bank admin role you flip a flag and then it adds that detail on there but as it stands today if you want to kind of keep the focus on your bank's dda it should be the standard form that is in your package that you have today thank you carrie question on the sba notes why do the sba notes being used continue to reference collateral and guarantees yes i laughed at this question because i've looked i know exactly what you're talking about so this is on the sba form 147 it is the standard template that the sba uses and that they have confirmed is the right note to use for this program they use the same note the first time around i looked at this you know back in the the first origination it boilerplate on there talks about collateral guarantees and they just uh came out saying it is an okay form to use so i don't actually have a good answer for you i don't know why it's still mentioned on there and it's the boilerplate for the form that they said we're supposed to use but um but it is okay we've done thousands and thousands of loans with that note um and that is the the kind of confirmed form that we're supposed to be using thank you carrie let's i know we only have a couple minutes let's hit on a couple more questions here um is there a way to assign the loan when in the application details screen there is and i want to draw a kind of distinction when we say a sign because there's two assignments so there is an assignment of if you want kind of the banker assigned and you want to say okay i'm going to tag this company with sort of the the banker that maybe it's in their portfolio and you can do that in the data upload files that you bet you put in the bank contact email address and that is how you assign it and then as a program admin on the application details screen you can go in where it's listed and it says the assigned banker there'll be a little edit button you have to have the right role program admin role is the one where you can edit and change it um and all of that is very different than when you're on the workflow queue um and you're kind of working through workflows and you want to sign things out and kind of manage the workflow and you're doing assignments in that it's kind of a temporary assignment while you're working on that workflow as you're moving it through the system awesome thank you so much carrie uh all right folks we are running out of time here i do have a really quick uh psa uh from the marketing side here at numerated um and that is that you know as the leading platform here for ppp um we're getting tapped quite a bit um by the media uh in you know they're wanting to understand how it's going so wall street journal new york times um you know they're always interested in how this program is going they're always interested in speaking with lenders and so if you are interested in highlighting how you are helping businesses how your institution is helping businesses and the geographies that you serve the markets you serve in the chat or to marketing at numerated.com shoot us a note um because we are having a good number of conversations and there's there's plenty of opportunities um to get some of you involved in those conversations uh with the great coverage that uh you know these reporters are doing on the ppp so please let us know uh we'd love to make introductions if your institution's interested in it all right everyone thank you for a great day here as the sba opened up to more lenders we'll be back again tomorrow at 3 p.m uh doing the same thing providing you with the latest updates providing our perspectives on the programs as much insights as we can and of course answering all your questions so thank you again everyone and have a great rest of your day you