As part of the recently approved CARES Act, the Small Business Administration (SBA) has launched the Paycheck Protection Program (PPP) – a loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Participating banks can offer loans up to $10m to businesses with fewer than 500 employees to cover payroll costs, interest on mortgages, rent, and utilities.
Further information can also be found on the SBA’s website.
In the coming days, hundreds of thousands of US businesses will apply for loans via the program, putting immense pressure on participating lenders to keep up with demand. Initial indication is that banks are already experiencing up to 50x the usual levels of inbound calling and website traffic.
Our white-labelled solution
We have deployed an online workflow solution specifically for banks participating in the program, to help with document collection and end-to-end process streamlining, enabling them to effectively manage demand. It will also provide participating banks with additional operational capacity through pre-screening of applications.
✓ Easy to deploy secure dedicated cloud hosted platform for banks to go live within hours and prioritize existing customers
✓ No dependency on Bank systems for integrations
✓ Faster time to decision enabling faster dispersal of approved loans through API integrations to SBA & 3rd party data checks
✓ Enhances bank’s operational capacity and provides professional services support through the process
✓ Pre-screening of potential SBA borrowers
✓ “End to end” process streamlining & automation
✓ Developed with over 2 decades of SBA 7(a) experience
✓ Bank-specific calibration for checks & documentation
Here to help: