Accelerating SBA PPP Loans with Blue Prism Digital Workers

Banks were inundated with thousands of loan requests daily under the $359 billion Paycheck Protection Program (PPP) in support of the Small Business Administration (SBA) COVID-19 relief efforts. The SBA estimated that there were more than 14 years of loans processed in less than 14 days. Now, a new round of funding is coming.

To keep up, loan officers worked around the clock to manually review, verify, approve, and enter data into the SBA E-Tran application portal for approval -- a laborious, time-consuming, and error prone process.

Leading the way, Blue Prism together with partners Lateetud and ABBYY provided an end-to-end solution to automate SBA PPP loans. This solution has already helped many banks handle the massive surge in PPP applications from their customers.

In this webinar, learn how a national bank utilized Blue Prism and ABBYY technologies in a Lateetud solution to:

• Complete loans application and approvals in under 2 minutes using Digital Workers
• Go live in < 48 hours
• Save ~100,000 jobs by rapidly providing relief for U.S. small businesses
• Scale a digital workforce for support of other critical financial services