The US government has completed three rounds of legislation in response to the COVID-19 pandemic and resulting economic crisis. The third round, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is a $2 trillion package that includes significant expansions in small business lending, unemployment insurance, tax relief to individuals and employers.
To date, two rounds of funding totaling $659 billion have been made available as part of the Paycheck Protection Program (PPP) in support of the Small Business Administration (SBA) COVID-19 relief efforts. Under the CARES Act, many PPP loan recipients are eligible for loan forgiveness, enabling them to keep their workforce employed during and after the crisis.
The legislation has now been extended to give small businesses more time to use emergency loans under the program by extending the eight-week period in which they must use the money to qualify for loan forgiveness to 24 weeks, increasing the time recipients have to repay the loan and lets companies that get loan forgiveness defer payroll taxes.
The daily demand for loans is more than the SBA processes in an entire year. Meanwhile, loan applicants are frustrated with the amount of time it takes to process the loan applications end-to-end, including filing and receiving timely status updates. To keep up with demand, loan officers are working 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 that negatively impacts response times and overall customer experience.
The Solution: SBA PPP Loan Application and Forgiveness Processing in Minutes
Blue Prism, in partnership with Lateetud, ABBYY, and Bizagi automates the entire end-to-end loan application and forgiveness submission process, resulting in:
- Expedited Processing - Validate, calculate, record, submit, track requests in minutes, not days
- Solution available immediately with XML access into E-Tran, which adheres to the latest SBA policy
- Set up in days - on-prem or in your existing cloud platform of choice (Azure, AWS, Google)
- Content Intelligence - Converts unstructured documents into structured, usable content for further processing
- Increased efficiency - Execute fast & accurately with a digital workforce complementing existing employees
- Accelerated due diligence & fraud detection – reduce the risk of fraud with a consistent digital framework for meeting guidelines
- Complete Audit trail – reduce liability with comprehensive accounting of all steps involved from digital workers, to calculations, approvals and case management.
- Full Case Management - Orchestrating unpredictable circumstances to achieve optimal outcomes and efficiencies
- Real-time reporting provides insight into current processing time, staff utilization, as well as case status and load
- Enterprise security & scalability. Full audit trail, 100% compliance & accuracy
- Web and mobile customer front-end. Collaborate with customers, lending staff efficiently, via intelligent chatbot
SBA PPP Loan Application Workflow
Interested in Learning More?
Fill out the form below and our experts will be in touch shortly.